BlackRock attracted more capital into Ethereum (ETH) than Bitcoin (BTC) through its U.S. spot cryptocurrency ETFs during the five trading days ending July 24.
Data shows BlackRock’s iShares Ethereum Trust (ETHA) and ETHB recorded a combined net inflow of $99.2 million between July 20 and July 24.
Over the same period, BlackRock’s iShares Bitcoin Trust (IBIT) posted a net outflow of $95.5 million, a rare instance in which the asset manager’s Ethereum products outperformed its flagship Bitcoin fund in terms of net flows.
The divergence comes as Ethereum ETF demand has strengthened in July while Bitcoin ETF flows have become more volatile amid profit-taking and shifting investor sentiment.
Ethereum inflows were driven primarily by ETHA, which attracted $34.3 million on July 20, $52.8 million on July 21, and $53.5 million on July 22.
Despite a $52.8 million outflow on July 24, the fund ended the week in positive territory. Combined with ETHB’s $2.9 million inflow on July 23, BlackRock’s Ethereum ETF lineup finished the five-day period with a net inflow of $99.2 million.
BlackRock Bitcoin outflows
By contrast, IBIT recorded inflows of $116.5 million, $163.9 million, and $38.8 million between July 20 and July 22 before sentiment reversed. The fund then posted outflows of $202.5 million on July 23 and $212.2 million on July 24, resulting in a net five-day outflow of $95.5 million.
The broader U.S. spot Bitcoin ETF market followed a similar pattern. The sector recorded inflows of $226.8 million on July 20, $203.2 million on July 21, and $69.1 million on July 22 before posting outflows of $225.1 million and $240.1 million on July 23 and July 24, respectively.
Those two sessions erased much of the week’s earlier gains and were driven largely by withdrawals from IBIT, the largest spot Bitcoin ETF.
The pullback followed a recovery period in which Bitcoin ETFs had ended months of heavy redemptions and returned to consistent inflows. Earlier in July, IBIT led that rebound, including a single-day inflow of $209 million.
Ethereum ETF inflows have become increasingly concentrated in BlackRock’s funds, with ETHA attracting most of the capital entering U.S. spot Ethereum ETFs.
Stronger Ethereum sentiment, growing tokenization activity, and renewed institutional interest have helped support demand, extending a broader July recovery in Ethereum ETF flows.
Meanwhile, the transactions came as Bitcoin traded around $65,000 during the week after rebounding from June lows, while Ethereum hovered near $1,860 as rising ETF demand supported the second-largest cryptocurrency. Ethereum also outperformed Bitcoin during parts of July alongside stronger institutional inflows.
While BlackRock remains the leading issuer of both spot Bitcoin and Ethereum ETFs, the latest flow data shows institutional investors allocated more capital to Ethereum than Bitcoin last week, signaling a potential shift in demand if the trend continues.
