Diverging Paths For Bitcoin And Ethereum ETF

Away from the spotlight, a massive influx is redrawing the map of crypto investment in the United States. In eight days, spot Bitcoin ETFs have attracted $2.4 billion, despite a lackluster market. This sustained flow contrasts with the prevailing caution and reveals the growing anchoring of Bitcoin in institutional portfolios. Meanwhile, Ethereum, long in a catch-up phase, shows signs of fatigue. Such divergence raises questions about market priorities and future strategies in the digital asset universe.

A Bitcoin dynamic supported by ETFs despite a tense market

The US spot ETFs are recording a continuous bullish streak for eight days while the Bitcoin price is relatively stable, around $104,283 this Friday, down 2.5 % for the week.

During this period, net inflows reached $2.4 billion, including $389.5 million on Wednesday alone. This trend does not reflect market euphoria but rather a strategic consolidation by institutional investors.

As Nate Geraci, president of The ETF Store, points out on X : “eight consecutive days of inflows into spot Bitcoin ETFs. The category has now garnered nearly $11.5 billion in 2025. This is the second year, and still this idea that there would be ‘no demand'”.

https://twitter.com/NateGeraci/status/1935515523833303439

Detailed flow figures confirm a strong concentration among asset management giants :

• BlackRock (IBIT) dominates the landscape with $278.9 million in flows on Wednesday, representing 96% of net inflows over the eight days alone ;
• Fidelity (FBTC) follows with $104.4 million in inflows ;
• Bitwise (BITB), Grayscale BTC mini, and Hashdex (DEFI) recorded $11.3M, $10.1M, and $1.2M respectively ;
• Meanwhile, Grayscale’s GBTC fund recorded net outflows of $16.4 million, likely due to higher than average fees in the sector ;
• In total, spot Bitcoin ETFs have accumulated $46.9 billion in net flows since January 2024, with nearly $125 billion in assets under management.

These figures demonstrate an accelerated integration of Bitcoin into institutional portfolios, regardless of short-term volatility. The growing success of these products also highlights a structural evolution in crypto demand, now considered full-fledged instruments for strategic diversification.

Ethereum : institutional momentum fades after a thunderous start

The contrast is striking on the side of Ethereum. After a record 19-day streak during which its spot ETFs accumulated $1.4 billion in net inflows, the pace suddenly slowed. On Wednesday, Ethereum ETFs attracted only $19.1 million, of which $15.1 million was allocated to BlackRock’s ETHA fund alone.

Since their launch in July 2024, these products have nonetheless accumulated $3.9 billion in inflows, but the recent slowdown is concerning. “Data indicates that institutions remain confident about the medium-term bullish potential of cryptos, but Ethereum’s catch-up phase seems over,” estimates Valentin Fournier, senior analyst at BRN.

Unlike Bitcoin, the trajectory of Ethereum ETFs appears more vulnerable to macroeconomic uncertainties. The heavy geopolitical context, combined with the Fed’s restrictive stance, seems to have dampened investor enthusiasm.

The FOMC kept rates unchanged on Wednesday but adopted a firm tone, according to Fournier, which heightens market caution. In this climate, Ethereum lost 8.3% in a week to settle at $2,527, compared to a more moderate 2.5% drop for Bitcoin. This difference in resilience could partly explain the disparity in flows.

In the short term, this Ethereum momentum decline could affect the asset’s perception as an institutional investment vehicle. Without a clear catalyst on the horizon, whether major technical updates or strengthened industrial uses, ETH could suffer from being viewed as less defensive than BTC. However, Ethereum continues to surprise the market, as over 35.35 million ETH are now staked.