Investor enthusiasm for crypto exchange-traded funds (ETFs) showed no signs of abating on July 28, with both Bitcoin and, notably, Ethereum ETFs experiencing significant net inflows. While Bitcoin ETFs continued their upward trend, Ethereum-based products demonstrated a remarkable surge, signaling a potential shift in institutional focus.
Bitcoin ETFs Maintain Momentum, BlackRock Leads
Spot Bitcoin ETFs attracted $157 million in net inflows on July 28, marking a third consecutive day of gains. BlackRock’s IBIT led the charge with an impressive $147.36 million in inflows, solidifying its position as the top spot Bitcoin product. Cumulative inflows into US spot Bitcoin ETFs have now reached $54.98 billion, with assets under management climbing to $153.19 billion, according to data from SoSoValue. These funds saw a robust $3.34 billion in trading volume despite a broader crypto market pullback that saw the total market cap decline over 5%.
Ethereum ETFs Surge, Signaling a “Structural Trend Reversal”
Ethereum ETFs, however, truly stole the spotlight, extending their streak to 17 consecutive days of net inflows with $65.14 million on July 28. BlackRock’s ETHA was a standout, pulling in $131.95 million, boosting its net assets to $11.22 billion and reflecting growing institutional confidence in Ethereum.
Jamie Elkaleh, chief marketing officer at Bitget Wallet, highlighted the significance of Ethereum’s recent breakout, noting its over 60% surge, outperforming Bitcoin. He pointed to structural changes, including the ETH/BTC ratio breaking above its 200-day average for the first time in over a year and forming a daily golden cross – a classic signal of a sustained trend reversal.
Corporate Treasuries Pivot to Ethereum, Driving Demand
Jeffrey Hu, head of investment research at HashKey Capital, corroborated this sentiment, attributing the ETH rally to a fundamental shift in narrative and institutional adoption, partly fueled by increasing regulatory clarity in the US.
Hu emphasized a significant development: a growing wave of corporate accumulation of Ethereum. He cited a record $726.6 million inflow day for spot ETH ETFs, calling it a “strong vote of confidence from traditional finance.” More strikingly, SharpLink Gaming has reportedly surpassed the Ethereum Foundation to become the largest corporate holder of Ether, with 280,706 ETH worth approximately $840 million.
According to Hu, this isn’t an isolated incident, with top corporate treasuries purchasing at least $1.6 billion worth of ETH in the past month alone. This marks a “market shift from the previous focus on only Bitcoin as a corporate treasury asset.” These companies are also becoming active participants by running nodes and leveraging Ethereum’s staking yield, introducing a new structural demand dynamic.
ETH ETFs Gain Ground in Assets and Activity
Currently, ETH ETFs manage $21.5 billion in assets, accounting for 4.7% of Ethereum’s market cap. Daily trading volumes across Ethereum ETFs totaled $1.91 billion, with contributions from VanEck’s EFUT and Grayscale’s ETHE.
While Bitcoin ETFs remain robust, with IBIT holding $87.19 billion (3.71% of Bitcoin’s market cap), and Fidelity’s FBTC adding $30.8 million (offset by Ark Invest’s ARKB outflows of $17.45 million), the inflow momentum has clearly tilted towards Ethereum. With increasing regulatory clarity, attractive staking rewards, and a surge in institutional participation, Ethereum is increasingly being positioned not merely as an alternative, but as a foundational layer for the next crypto cycle.
July 2025, Cryptoniteuae
