ETF: Capital Flows Back to Bitcoin at the Expense of Ethereum

According to data published by SoSoValue, U.S. spot Bitcoin ETFs recorded $32.1 million in net inflows on July 29. This performance ends a streak of four consecutive sessions of outflows totaling over $500 million. At the same time, Ethereum ETFs are experiencing a wave of withdrawals: $18.65 million in a single day. What does this divergence reveal? A complete analysis.

In brief

• Bitcoin ETFs recorded $32.1 million in net inflows.
• Ethereum ETFs suffered $32.9 million in outflows.
• Ethereum still holds the advantage for the entire month of July.
• The Fear & Greed Index remains in the fear zone at 28.

ETFs Rebound with Inflows as Bitcoin Price Drops

SoSoValue and Farside report the same facts: BlackRock's Bitcoin ETF is driving the rebound on its own. The data shows $89.83 million in inflows. The total assets under management currently stand at $60.42 million.

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

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

Other ETFs are not performing better: no significant movements were recorded during the session on July 29.

For crypto analysts, the reading is clear: this is by no means a general return to Bitcoin ETFs. Indeed, the current dynamics mainly reveal a movement specific to IBIT investors. Furthermore, the evolution of BTC's price proves it. It briefly fell below $63,300 before rebounding slightly. At the time of writing this article, the leading crypto is trading around $64,500.

Ethereum Maintains Its Advantage Despite the Wave of Withdrawals

The outlook appears significantly less favorable for Ethereum, considered the second-largest cryptocurrency in the world. According to data from Farside Investors, U.S. Ether Spot ETFs recorded $32.9 million in net outflows on July 29, 2026.

• BlackRock's iShares Ethereum Trust (ETHA) attracted $5.2 million.
• In contrast, Fidelity's FETH fund lost $16.1 million.
• Several products from 21Shares and Grayscale 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 beginning of July. This amount is significantly higher than the $204.7 million recorded by Bitcoin ETFs during the same period! This simply means that Ethereum maintains the advantage for the entire month, even though it lost the battle in the last session.

Three Scenarios Emerge from the Current Dynamics of Crypto ETFs

To address this question, experts draw attention to the Fear & Greed Index. It measures investor sentiment based on several signals:

• volatility;
• volumes;
• social media;
• Bitcoin dominance.

On July 30, this indicator stands at 28 out of 100 (a slight decline of one point in a day). Specifically, it is now in the fear zone. This represents a notable improvement compared to the extreme fear of a month ago. This reading is also consistent with the current price behavior of Bitcoin and Ethereum.

First Hypothesis: Inflows into Bitcoin ETFs maintain a pace of $30 to $50 million per day, while outflows from Ethereum diminish without reversing. In this case, Bitcoin would consolidate its position as the reference asset for institutional allocations.

Second Hypothesis: Outflows from ETHE exhaust, freeing the Ether ETF category from a structural weight. Inflows into Ethereum funds resume, driven by technical news (network updates, adoption of tokenization). This scenario implies that the current underperformance of ETH is temporary.

Third Hypothesis: A geopolitical escalation or a restrictive decision from the Fed. This would trigger a widespread flight from crypto ETFs, testing the resilience of the entire spot ETF category.

One thing is certain: Bitcoin and Ethereum ETFs are now moving towards two different trajectories. The upcoming sessions will determine whether investors truly begin to accumulate again or merely adjust their positions. A story to follow closely...