ETF: Capital returns to Bitcoin at the expense of Ethereum

According to data published by SoSoValue, US spot Bitcoin ETFs saw $32.1 million in net inflows on July 29. This performance ends a series of four consecutive release sessions which amount to more than 500 million dollars. At the same time, Ethereum ETFs are experiencing a wave of withdrawals: $18.65 million in a single day. What does this divergence reveal? Complete decryption.

ETFs return to inflows as bitcoin price falls

SoSoValue and Farside report the same facts: BlackRock’s Bitcoin ETF alone carries the rebound. THE data report $89.83 million in entries. Total assets under management therefore currently stand at $60.42 million.

This amount far exceeds the positive net balance of the entire ETF market. In other words, Bitcoin ETFs would have remained in negative territory without BlackRock’s IBIT. Moreover, the figures confirm it:

• The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded $43.1 million in withdrawals.
• The ARK 21Shares Bitcoin ETF (ARKB), for its part, lost $14.6 million.

The other ETFs are not doing any better: no significant movement recorded during the July 29 session.

For crypto analysts, the reading is clear: it is in no way a widespread return to Bitcoin ETFs. Indeed, the current dynamic above all reveals a movement specific to IBIT investors. Moreover, the evolution of the BTC price proves it. It briefly fell back below $63,300 before rebounding slightly. At the time of writing this article, the flagship crypto is trading around $64,500.

Ethereum maintains its advantage despite the wave of withdrawals

The picture seems much less favorable for Ethereum, considered to be the second cryptocurrency in the world. According to Farside Investors datathe Ether Spot US ETFs recorded $32.9 million in net outflows on July 29, 2026.

• BlackRock’s iShares Ethereum Trust (ETHA) attracted $5.2 million.
• On the other hand, Fidelity’s FETH fund lost 16.1 million.
• The same is true for several products from 21Shares and Grayscale which also recorded withdrawals.

In this same context, crypto analysts highlight an important nuance: Ethereum ETFs have attracted $342.9 million in net inflows since the start of July. An amount significantly higher than the $204.7 million recorded by Bitcoin ETFs over the same period! This simply means that Ethereum maintains the advantage over the whole month, even if it lost the battle of the last session.

Three scenarios emerge from current crypto ETF dynamics

In order to answer this question, experts draw attention to the Fear index & Greed. It measures investor sentiment based on several signals:

• volatility;
• volumes;
• social networks;
• dominance of bitcoin.

On July 30, this indicator stands at 28 out of 100 (i.e. a slight decline of one point over one day). Concretely, he is now in a fear zone. Which is a notable improvement from the extreme scare of a month ago. This reading is also consistent with the current behavior of bitcoin and Ethereum prices.

First hypothesis: inflows into Bitcoin ETFs are holding steady at a rate of 30-50 million per day, while outflows into Ethereum are easing without reversing. In this case, bitcoin would consolidate its position as a reference asset for institutional allocations.

Second hypothesis: outflows on ETHE are running out, freeing the Ether ETF category from structural weight. Entries into Ethereum funds are picking up again, driven by technical news (network update, adoption of tokenization). This scenario implies that ETH’s current underperformance is temporary.

Third hypothesis: a geopolitical escalation or a restrictive decision by the Fed. This would cause widespread flight from crypto ETFs. Which would test the resilience of the entire spot ETF category.

One thing is certain: Bitcoin and Ethereum ETFs are now moving towards two different trajectories. The next few sessions will determine whether investors actually start accumulating again or just adjust their positions. File to follow closely…