Ethereum Rebounds 19% in July, But Trend Reversal Not Yet Confirmed
Ethereum has seen a significant rebound in July, with prices rising by 19% and surpassing Bitcoin's growth of 8%. The ETH/BTC ratio also rose above 0.030 for the first time in three months before falling back to 0.02962.
This surge was largely driven by inflows into spot exchange-traded funds (ETFs), with $365.17 million flowing into Ethereum ETFs, the strongest monthly performance this year. In contrast, Bitcoin ETFs saw only $172.43 million in inflows, the weakest since their launch in January 2024.
Morgan Stanley's Ethereum trust, MSSE, was listed and began trading, gathering around $20 million in assets in its first few days, with a fee of 0.14%. This could potentially spur competition among existing spot Ethereum ETFs.
Corporate buying also increased, with BitMine, the company holding the most Ethereum, adding to its holdings each week in July. However, other on-chain indicators suggest that a trend reversal is not yet confirmed, with the ETH/BTC ratio still down 13% this year and far from past trough ranges.