Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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Investor appetite for crypto exchange-traded funds showed no signs of cooling on July 28, with spot Bitcoin ETFs pulling in $157m in net inflows, marking the third straight day of gains.
BlackRock’s IBIT led the charge with $147.36m, significantly outpacing its peers and reinforcing its lead among spot Bitcoin products.
Cumulative inflows into US spot Bitcoin ETFs have now reached $54.98b, with assets under management climbing to $153.19b, according to data from SoSoValue.
The funds saw $3.34b in trading volume that day, despite a wider market pullback that left total crypto market cap down over 5%.
BlackRock’s ETHA Leads as Ether ETFs Surge in Popularity
Ethereum ETFs, meanwhile, continued their remarkable streak, drawing $65.14m in net inflows on July 28, extending their run to 17 consecutive days.
BlackRock’s ETHA stood out with a $131.95m inflow, lifting its net assets to $11.22b and underscoring growing institutional confidence in Ethereum-based products.
That confidence reflects more than short-term trading dynamics. Jamie Elkaleh, chief marketing officer at Bitget Wallet, pointed to broader structural changes.
“Ethereum’s recent breakout—surging over 60% and outperforming Bitcoin—marks more than just short-term momentum,” he said. “The ETH/BTC ratio has not only broken above its 200-day average for the first time in over a year, but also formed a daily golden cross, a classic signal of sustained trend reversal.”
Corporate Treasuries Pivot to Ethereum as Institutional Demand Grows
Jeffrey Hu, head of investment research at HashKey Capital, echoed this sentiment. “The recent ETH rally has been driven by several converging factors that signal a fundamental shift in both narrative and institutional adoption,” he said. “Most importantly, geopolitical and macroeconomic FUD no longer clouds the narrative. Increasing regulatory clarity in the US is fueling a capital rotation into the altcoin market.”
Hu also pointed to what may be the clearest sign of Ethereum’s rising stature, a growing wave of corporate accumulation. “Wednesday’s record $726.6m inflow day for spot ETH ETFs is a strong vote of confidence from traditional finance,” he said.
“More significantly, we’ve seen a corporate treasury pivot. SharpLink Gaming overtook the Ethereum Foundation to become the largest corporate holder of ether, with 280,706 ETH worth approximately $840m.”
According to Hu, this isn’t a one-off event. Top corporate treasuries have purchased at least $1.6b worth of ETH in the past month alone.
“This is a market shift from the previous focus on only Bitcoin as a corporate treasury asset,” he said. What’s particularly bullish, he added, is that these companies are becoming active participants, running nodes and leveraging Ethereum’s staking yield, which introduces a structural demand dynamic not previously seen.
Bitcoin ETFs Stay Strong, Yet Ethereum Pulls Ahead in Inflows and Activity
ETH ETFs now manage $21.5b in assets, accounting for 4.7% of Ethereum’s market cap. Daily trading volumes across Ethereum ETFs totaled $1.91b, with additional support from VanEck’s EFUT and Grayscale’s ETHE.
Bitcoin ETFs remain strong as well, with IBIT holding $87.19b in assets, equivalent to 3.71 percent of Bitcoin’s market cap. Fidelity’s FBTC added $30.8m on the day, while Ark Invest’s ARKB saw outflows of $17.45m.
While Bitcoin remains technically robust above $119,000, the inflow momentum has clearly tilted toward Ethereum. With growing clarity, rising staking rewards, and a surge in institutional participation, Ethereum is increasingly being positioned not just as an alternative, but as a foundational layer of the next crypto cycle.
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