In brief
- Bitcoin and Ethereum ETFs hit a record $11.2 billion in monthly inflows in July, with Ethereum ETFs pulling in $1.6 billion last week alone.
- Ethereum ETFs have already surpassed their entire 2024 performance with $7.8 billion in inflows this year, with ETH’s smaller market cap making it easier to move.
- Solana and XRP funds attracted $311 million and $189 million respectively, while Bitcoin ETFs saw minor outflows of $175 million.
The month isn’t over yet, but Bitcoin and Ethereum ETFs have already set a record with $11.2 billion in inflows, according to crypto asset manager CoinShares. The final tally will arrive after the bell rings on Thursday.
ETH funds have been stealing the show lately and last week was no exception, said CoinShares Head of Research James Butterfill.
Ethereum ETFs pulled in $1.6 billion worth of new cash, he wrote. That means that so far this year they’ve taken in $7.8 billion—more than they did in 2024. Keep in mind, though, the Ethereum ETFs only just launched this time last year. So in their debut calendar year, the funds had only five months of trading.
Analysts at Singapore-based QCP Capital pointed out that ETH is still a much smaller asset than BTC, and is therefore seeing outsized impact from its gains.
“With ETH’s market capitalization still just one-fifth of BTC’s, it takes far less institutional and Corporate Treasury capital to move the needle signaling a dynamic that appears to be playing out in real time,” they said in a Monday note.
Bitcoin ETFs saw a minor pullback last week, ending the week with $175 million less than they started it, Butterfill wrote.
“This has raised the question of whether we are entering an ‘altcoin season,'” Butterfill wrote. “While inconclusive, there are some signs: Solana and XRP attracted substantial inflows of $311 million and $189 million respectively.”
He added that SUI funds saw $8 million in inflows, but the alt resurgence “tapered off quickly” from there. For example, Litecoin and Bitcoin Cash saw net outflows of a combined $1.8 million for the week.
“These altcoin inflows may be driven less by broad-based enthusiasm and more by anticipation surrounding potential U.S. ETF launches,” Butterfill said.
Just last week, the SEC left the crypto ETF industry in the lurch when it approved and then halted the conversion of Bitwise’s 10 Crypto Index ETF product into a spot ETF.
It’s a similar pattern as that seen with Grayscale’s Digital Large Cap Fund (GDLC), which received staff approval to convert into a spot ETF but was stayed days later under the same rule.
At the time of writing, both Ethereum and Bitcoin are sitting comfortably in the green. Ethereum has gained 1.9% in the past 24 hours and is currently changing hands at $3,885, according to data from price aggregator CoinGecko. And Bitcoin has picked up 0.7% in the past day and is trading just under $119,000.
The volume for both has been just about level. BTC has seen $39 billion and ETH has seen $34 billion traded in the past day.
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