Ethereum Surges Past Bitcoin as Crypto Market Ends July in Red
The cryptocurrency market had a rough end to July 2026, as Bitcoin, Ethereum, and XRP all closed in the red on July 31. However, the monthly picture for crypto ETF news tells a different story.
Ethereum funds pulled ahead of Bitcoin and XRP for the month, even as daily flows turned negative almost everywhere. According to SoSoValue data, Bitcoin spot Exchange Traded Funds lost $265.37M on July 31, despite a cumulative net inflow since launch of $51.32 billion.
The drop in Bitcoin's price was partly due to a Coldcard wallet vulnerability that drained more than $38M in Bitcoin. This kind of theft can rattle confidence and lead to outflows. In fact, five of the 13 recorded outflows on July 31 were related to Bitcoin ETFs, including IBIT (BlackRock), FBTC (Fidelity), GBTC (Grayscale), BITB (Bitwise), and MARKB (Ark Invest & 21Shares).
Ethereum, on the other hand, saw a significant increase in demand, with BlackRock's ETHB leading the way. The fund brought in $15.38 million alone, contributing to the $365.17M monthly inflow for Ethereum ETFs.