ETH ETFs Just Three-Peat While Bitcoin ETFs Bleed: IBIT Outflows Eat The Whole Category

Spot Ethereum exchange-traded funds pulled in 37,959 ETH, roughly $71.17 million, over the seven days ending July 28, while spot Bitcoin ETFs shed 3,170 BTC worth $200.23 million over the same stretch, according to Lookonchain data drawn from CoinGlass. The figures mark the third consecutive week of net ETH inflows, reversing an earlier stretch of sustained outflows for Ethereum products and reigniting debate over whether the rotation represents tactical repositioning or a longer-term shift in institutional allocation.

Fund-level data sharpens the divergence. BlackRock's IBIT, the largest spot Bitcoin ETF by assets, lost 3,511 BTC on its own during the week, exceeding the entire Bitcoin ETF category's net decline of 3,170 BTC. Grayscale's Bitcoin products shed another 10 BTC, and Bitwise's BITB lost 27 BTC, while partial offsets came from Fidelity's FBTC, which added 109 BTC, and ARK 21Shares' ARKB, which contributed 77 BTC. On the Ethereum side, concentration was equally pronounced: BlackRock's ETHA accounted for 37,424 of the week's 37,959 ETH inflows, effectively the entire category's net gain flowing through a single fund.

Grayscale's Ethereum products added 5,515 ETH, while Fidelity's FETH posted a 4,980 ETH outflow that nearly canceled Grayscale's contribution. ETHA's dominance reflects its structural position; the fund controls roughly 68% of US spot ETH ETF assets, and its fee structure has made it the preferred vehicle for institutional exposure to Ethereum among the products tracked in the dataset.

The latest daily print reinforced the directional split. On July 28, Bitcoin ETFs recorded a one-day net inflow of 20 BTC, worth about $1.23 million, while Ethereum ETFs added 11,285 ETH, worth about $21.16 million, keeping both categories inside their respective weekly trajectories. The asymmetry is consistent with the prior two weeks, in which Ethereum products attracted sustained inflows while Bitcoin products posted aggregate outflows.

Source data is attributed to Lookonchain and CoinGlass, with fund-level figures referenced from SoSoValue. Past inflows do not guarantee future flows, and category-level numbers can shift as issuers update their reporting.