Ethereum ETFs Attract $213M Surge as Bitcoin Faces Outflows

Ethereum ETFs recorded a historic $213 million net inflow on September 18, 2025, surpassing Bitcoin ETFs for the first time since the launch of U.S. spot crypto ETFs in early 2024. This marked a reversal of previous trends, as Bitcoin ETFs had previously dominated inflows with $163 million during the same periodtitle1^[1]. The surge in Ethereum ETF demand reflects shifting investor sentiment, with Ethereum-based funds capturing 1.3% of total trading volume compared to Bitcoin’s 0.4%title2^[2]. BlackRock’s ETHA led the inflows with $74.5 million, followed by Fidelity’s FETH with $49.5 milliontitle1^[1].

The inflow momentum builds on a broader trend: Ethereum ETFs have seen $13.6 billion in cumulative inflows since their launch in June 2024, with $1.83 billion added in the last five trading sessions alonetitle3^[3]. This compares to Bitcoin ETFs, which have accumulated $20.8 billion in total inflows year-to-date, though their August performance lagged significantly. Bitcoin’s iShares Bitcoin Trust (IBIT) recorded just $459 million in August inflows, its weakest month since March, while Ethereum’s ETHA added $2.4 billiontitle4^[4].

The shift in capital allocation is supported by institutional adoption. Investment advisers now hold 539,000 ETH ($1.3 billion) in Ethereum ETFs, a 68% increase from the previous quartertitle3^[3]. Fidelity’s Ethereum ETF (FETH) saw a $8.6 million daily inflow on August 21, signaling sustained institutional interest. By contrast, Bitcoin ETFs have faced outflows in recent months, with August redemptions erasing $751 million in August inflowstitle1^[1].

Market dynamics further highlight Ethereum’s resurgence. Ethereum prices rose 5% in the week ending September 18, outpacing Bitcoin’s 2.8% gaintitle3^[3]. The asset’s market cap now accounts for 14.5% of the crypto market, the highest since January 2022, while Bitcoin’s dominance has dipped to 57.3%title4^[4]. This shift is attributed to Ethereum’s role in the stablecoin ecosystem, corporate treasury adoption, and improved market sentiment following the Circle Internet Group IPOtitle5^[5].

Analysts note that Ethereum ETF inflows have yet to face sustained outflows, unlike Bitcoin, which has historically seen corrections during multi-week redemptionstitle3^[3]. For example, Bitcoin’s 2025 all-time high was followed by $812 million in April outflows, correlating with a price drop to $84,000. Ethereum, by contrast, has maintained inflows for 14 consecutive weeks, suggesting a different trajectorytitle3^[3]. However, experts caution that prolonged inflows could signal an impending peak, as seen in Bitcoin’s ETF-driven cyclestitle3^[3].

The ETF landscape remains concentrated, with BlackRock’s ETHA holding $17 billion in assets under management—nearly half of Ethereum ETF AUM—while Bitcoin’s IBIT dominates with $87 billiontitle4^[4]. Ethereum ETFs collectively hold 6.3 million ETH ($29.7 billion), representing 5.1% of the circulating supplytitle3^[3]. This compares to Bitcoin ETFs, which hold 1.292 million BTC ($158.6 billion), or 6% of the circulating supplytitle3^[3].