Ethereum ETFs Continue to Outpace Bitcoin Funds

The Bitcoin spot exchange-traded funds (ETFs) have ended their third consecutive week in the green, but momentum has faded at the end of it. Investors finally changed their tune after a streak of eight weeks where they withdrew over $8 billion from the funds, with total net inflows dropping from $59.34 billion to $51.08 billion on July 2.

However, in the first full week of July, investors broke this negative trend by inserting nearly $200 million into the funds. Another $75.67 million followed during the subsequent week, and the most recent week began on a high note, with actual net inflows standing at approximately $1 billion from July 14 to July 22.

This coincided with Bitcoin's price rally that drove the asset to $67,000 on Wednesday for the first time in over a month. However, the asset was rejected there and driven south to $64,000 on Friday, while ETF outflows returned. As such, even though the week ended slightly in the green, it was a relatively modest $33.79 million.

On the other hand, spot Ethereum ETFs continue to outperform, gaining over $100 million as the underlying asset challenged the $1,950 level. In fact, the total net inflows of the ETH ETFs have recovered over $200 million in the past three weeks but are still well below the $12.09 billion seen in May.