July ETF Flows: Ethereum ETFs Win While Bitcoin Spot ETFs Stagnate

Published: 2026-08-02 19:07:34 |

Spot Bitcoin ETFs ended July with a modest improvement after two tough months of large outflows. After net outflows of about $2.43B in May and $4.5B+ in June (nearly $7B combined), inflows returned early in July (about $200M in week 1, then +$76M and +$34M). However, the last week turned red with -$61.53M, including a worst day Friday (-$265M net). July closed at roughly +$172.42M. Bitcoin ETF flows recovered, but not enough to offset recent losses. Ethereum ETFs showed stronger persistence. After losses of $541M in May and $529M in June, Ethereum ETFs attracted net inflows of $365.17M in July—more than 2x Bitcoin ETF inflows. ETH ETFs finished all four full weeks in the green, with only one red day in the final week. This ETF demand aligned with a market rebound: ETH rose about 20% in July, its best month in roughly a year. Traders should watch whether August confirms this rotation from BTC to ETH via ETF inflows. A continued inflow trend into Ethereum ETFs could support upside momentum, while renewed outflows in Bitcoin ETFs would cap broader risk-on attempts.

Bullish

The article’s key signal is relative ETF demand: Ethereum ETFs turned persistently positive across all four full weeks, while Bitcoin ETFs improved but stayed vulnerable (last-week outflows and a large down day). That pattern often precedes a rotation where trader attention shifts toward ETH beta and away from BTC when BTC flows are not decisively rebuilding. In the short term, continued ETH ETF inflows can support spot buying pressure and reinforce momentum (consistent with ETH’s ~20% July gain). In the long term, sustained inflow trends are typically more durable than one-off price rebounds, but BTC’s still-modest net inflow suggests broader market participation may remain cautious. Compared with prior ETF cycles where inflows reverse after outflow streaks, the market reaction usually depends on whether inflow persistence holds into the next month. Here, ETH’s persistence is stronger, making the near-term trading setup slightly bullish for ETH relative to BTC, even if BTC’s recovery is not yet strong enough to be fully bullish for the entire complex.