Spot Ethereum ETFs recorded a net inflow of $602 million on July 17, marking the second-highest single-day inflow in history.
The inflow surpassed that of Bitcoin spot ETFs, which saw $523 million in net inflows on the same day, their 11th consecutive day of positive flow, according to data from SoSoValue.
Combined, U.S. Bitcoin BTC/USD and Ethereum ETH/USD spot ETFs have amassed $54.3 billion and $7.09 billion in cumulative net inflows, respectively.
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What Happened: The surge in investor appetite comes amid renewed market optimism, robust macroeconomic indicators, and mounting regulatory clarity, themes echoed across institutional research from Glassnode and Coinbase COIN.
The dramatic capital rotation into ETH products aligns with a broader shift noted by analysts. "BTC is participating, but this rally belongs to ETH," said Dr. Sean Dawson, Head of Research at Derive.xyz. "The technical setup, option flows, and liquidations all point to a meaningful structural shift in positioning."
Ethereum ETFs also led in total value traded on July 17, reaching $2.29 billion, compared to Bitcoin's $3.7 billion, as tracked across major issuers like BlackRock, Grayscale, Fidelity, and Ark Invest.
Notably, BlackRock’s Ethereum ETF ETHA recorded the largest daily net inflow of $546.7 million and holds over $8.4 billion in net assets.
From a macro and on-chain lens, the report by Coinbase and Glassnode highlights that Ethereum's liquid supply rose 8% in Q2, while illiquid supply — coins held for over a year — declined by 6%.
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Concurrently, ETH's MVRV (Market Value to Realized Value) ratio swung from negative in Q1 to positive in Q2, confirming improving profitability among holders.
The share of ETH in profit rose from under 40% to nearly 90% during the quarter.
"With macro tailwinds, falling rates, and ETF momentum aligning, the back half of 2025 is setting up to be Ethereum's strongest in years," Dr. Dawson added.
Bitcoin, meanwhile, maintained strong institutional demand.
As noted in the Glassnode report, U.S. spot Bitcoin ETFs purchased over 225% of all newly mined BTC since January 2024, reflecting relentless buying pressure against a structurally constrained supply.
What’s Next: While Bitcoin’s ETF net assets remain dominant at $154.6 billion, Ethereum's growing share is being closely watched.
Ethereum spot ETFs now represent 4.19% of total ETH market cap, compared to 6.51% for Bitcoin.
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