Capital Rush Drives Ethereum ETFs to New Heights

Key Points

1. Ark & 21Shares’ ARKB fund recorded the largest Bitcoin ETF outflow at $77.46 million, with other major outflows from Grayscale, Fidelity, Bitwise, and VanEck.

2. BlackRock’s IBIT Bitcoin ETF had a neutral flow, while Fidelity’s Ethereum ETF (FETH) and BlackRock’s ETHA saw inflows of $126.93 million and $102 million, respectively.

3. Spot Bitcoin ETFs had attracted $6.12 billion in net inflows since July 1 but turned negative on July 21, driven by neutral flows in IBIT and withdrawals from other funds.

4. Spot Ethereum ETFs saw $3.53 billion in inflows over 12 days, with Ethereum occasionally outperforming Bitcoin daily, led by Fidelity and BlackRock.

5. Analyst Min Jung suggested the ETF flows reflect a shift toward Ethereum as the 'king' of altcoins, noting a 5% reduction in Bitcoin’s dominance but questioning if this will extend beyond large-cap altcoins.