US spot Bitcoin Exchange-Traded Funds (ETFs) registered their lowest weekly trading volume since October 2024 during the week ending July 25, 2026. This slowdown in Bitcoin investment contrasts sharply with the performance of Ether ETFs, which have now surpassed their Bitcoin counterparts in net inflows for the second consecutive week.
The shift indicates a maturing landscape for institutional crypto products, where investor interest appears to be diversifying beyond just Bitcoin. While Bitcoin funds still hold a significantly larger asset base, the recent trend suggests a growing appetite for Ethereum exposure among institutional investors.
Bitcoin ETF trading volume dips amid price consolidation
The total trading volume for US spot Bitcoin ETFs reached approximately $8.05 billion during the five sessions concluding on Friday, July 25. This figure marks a 14% drop from the $9.37 billion recorded in the preceding period, according to data from SoSoValue.
This is the lowest weekly volume for Bitcoin ETFs in a full five-session trading week since October 11, 2024. The only other period with lower volume was in April 2025, but that week had only four trading sessions due to the Good Friday holiday.
The subdued trading activity reflects a period of relative stability for Bitcoin, which has remained near the $64,000 mark, well below its record highs seen late last year. Despite the quiet trading, Bitcoin ETFs managed to conclude the week with net inflows of about $33.8 million.
This extends their positive streak to three weeks, following the end of an eight-week outflow run earlier this month. However, this was the weakest inflow recorded during this three-week positive period, significantly less than the $75.7 million and $197.4 million inflows of the previous two weeks.
The majority of this week’s gains were nearly erased in the final two trading sessions. Bitcoin ETFs initially saw inflows of about $499.1 million over the first three days, but investors withdrew $225.2 million on Thursday and another $240.1 million on Friday.
BlackRock’s iShares Bitcoin Trust, the largest spot Bitcoin ETF by net assets, experienced notable outflows, shedding roughly $95.5 million for the week. This largely stemmed from combined outflows of $414.7 million over Thursday and Friday.
Conversely, some funds still attracted capital. Grayscale’s Bitcoin Mini Trust and the ARK 21Shares Bitcoin ETF offered a partial counterbalance, drawing in approximately $85.8 million and $78.1 million in inflows, respectively.
Ether funds capture investor attention
Spot Ether ETFs delivered a strong performance, attracting approximately $103.9 million in net inflows for the week. This sum is more than three times the total inflows seen by their Bitcoin counterparts.
This marks the third consecutive positive week for Ether ETFs. It’s also the second straight week they’ve outperformed Bitcoin funds, having pulled in $105.4 million in the preceding period compared to Bitcoin’s $75.7 million.
Over the past three weeks, Ether ETFs have accumulated about $293.8 million in total inflows. This figure nearly matches the $306.9 million that flowed into Bitcoin ETFs over the same period, despite Ether products holding significantly fewer net assets.
Ethereum ETF net assets stood at $10.17 billion as of Friday, July 25, while Bitcoin products commanded $77.82 billion. The latest Ether inflows represented roughly 1% of the category’s net assets, a much higher proportion than Bitcoin’s 0.04%.
BlackRock’s iShares Ethereum Trust accounted for a substantial portion of the weekly Ether inflows, bringing in approximately $96.3 million. Grayscale’s Ethereum Mini Trust added $9.9 million.
Not all Ether funds saw gains; Fidelity’s FETH recorded about $6.2 million in net outflows for the week. Total Ethereum ETF trading volume reached $2.78 billion, a marginal 2% decrease from the previous week.
This volume is equivalent to roughly 35% of Bitcoin ETF volume, even though Ether products maintain only about 13% of Bitcoin’s net assets. This disparity highlights a higher relative trading intensity for Ether funds recently.
Broader implications for institutional crypto adoption
Despite the recent uptick in inflows for both Bitcoin and Ether ETFs, both categories are still operating with net outflows for the year 2026. Bitcoin ETFs remain at approximately $5.23 billion in net outflows since the beginning of the year.
Ether ETFs, while showing recent strength, are still down roughly $1.15 billion in net outflows year-to-date. However, Ether products have definitively taken the lead in July, attracting about $337.7 million compared to Bitcoin ETFs’ $234 million.
The divergence in performance between Bitcoin and Ether ETFs suggests that institutional investors are increasingly looking beyond Bitcoin for diversification within the crypto asset class. As the market matures and more digital asset ETFs become available, capital allocation patterns are likely to become more complex and nuanced.
This trend could also reflect differing investor sentiment towards Bitcoin and Ethereum’s respective ecosystems and future growth potentials. While Bitcoin is often seen as a store of value, Ethereum’s programmable blockchain offers a wider array of use cases, potentially attracting different investment profiles.
The current Bitcoin price, trading near $64,110 on Saturday morning, and Ether near $1,864, according to The Block’s price pages, suggests a period of consolidation. This relative price stability might contribute to the reduced trading volume in Bitcoin ETFs, as major directional bets become less pronounced.
Looking ahead: diversification and market evolution
The recent figures underscore a crucial phase in the institutional adoption of cryptocurrencies. While Bitcoin remains the dominant force by market capitalization and overall ETF assets, the consistent outperformance of Ether ETFs in attracting new capital points to a broadening investment mandate.
This doesn’t necessarily signal a long-term decline for Bitcoin ETFs, but rather an evolution in how institutional money interacts with the crypto market. Fund managers are likely evaluating different risk-reward profiles across leading digital assets, moving beyond a singular focus on Bitcoin.
Expect to see continued competition for inflows as the Ether ETF market gains further traction and potentially as other altcoin ETFs emerge. The ability of these newer products to sustain significant inflows will be a key indicator of continued diversification.
The coming weeks will reveal if this trend of Ether ETF outperformance continues, or if Bitcoin funds reclaim their dominant position in terms of capital attraction. For now, the data clearly points to a growing institutional embrace of Ethereum alongside Bitcoin.