Ethereum ETF inflows hit $365M in July, topping Bitcoin’s $172M

Ethereum spent most of the past year trailing Bitcoin, but July flipped that script. Stronger Ethereum ETF inflows, renewed corporate buying, and a widening price gap pushed ETH ahead of BTC for the first time in months, according to data from CryptoSlate. The rally has traders asking whether this is the start of a real reversal or just a temporary breather in a much longer downtrend against Bitcoin.

Key takeaways

• Ethereum gained 19% in July, while Bitcoin rose just 8% over the same stretch, according to CryptoSlate data.
• US spot Ethereum ETFs pulled in $365.17 million in July net inflows versus $172.43 million for Bitcoin ETFs, per SoSoValue figures cited by CryptoSlate.
• Morgan Stanley’s new Ethereum Trust (MSSE) gathered about $20 million in assets within its first days of trading.
• BitMine grew its Ether stash from roughly 5.70 million ETH to 5.79 million ETH in July, while Strategy made zero Bitcoin purchases.
• The ETH/BTC MVRV ratio sits at 0.65 and exchange flow ratios remain near 0.8 — both above the levels tied to past cycle bottoms.

Ethereum Outperforms Bitcoin in July

Ethereum’s July advance outpaced Bitcoin by a wide margin, driven by a mix of stronger fund demand and steadier corporate buying. ETH climbed 19% during the month, touching as high as $1,970 before slipping back to $1,868 by press time, CryptoSlate reported. Bitcoin, by contrast, gained just 8% and kept failing to clear the $65,000 mark.

Price Gains and ETH/BTC Ratio Movement

That performance gap showed up directly in the ETH/BTC ratio, which broke above 0.030 for the first time in three months before easing to 0.02962. Over the trailing month, the pair rose more than 10%, a move that has rekindled talk of capital rotating back into Ethereum after nearly a year of relative weakness. Still, the ratio remains roughly 13% lower on the year and about 73% below its 2017 high of 0.11, according to TradingView data referenced by CryptoSlate — a reminder of how deep the prior slide really was.

Comparative ETF Inflows

Fund flows told a similarly lopsided story. US spot Ethereum ETFs took in $365.17 million in July net inflows, their best monthly showing this year, based on SoSoValue figures. Bitcoin ETFs managed only $172.43 million over the same stretch — their weakest total since these products launched in January 2024. The turnaround mattered because Ethereum-focused funds had shed more than $1 billion over the prior two months, so a single month of positive momentum represented a meaningful shift in sentiment.

Recent ETF and Corporate Demand Dynamics

Fresh product launches and diverging corporate strategies reinforced Ethereum’s July momentum well beyond spot trading. Regulated funds pulled in new capital just as one large Bitcoin holder stepped back from the market entirely.

Morgan Stanley Ethereum Trust Launch and Impact

Morgan Stanley entered the fray with its own product, the Morgan Stanley Ethereum Trust, trading under the ticker MSSE. The fund accumulated about $20 million in assets during its opening days — a modest sum next to established ETH ETFs, but one carried by a distribution network few competitors can match. Morgan Stanley has roughly 16,000 financial advisers overseeing about $7 trillion in client assets, giving MSSE a direct line to wealth-management clients who have had little prior exposure to crypto funds. Its 0.14% fee also adds fresh price competition among Ethereum ETF providers, which could pressure existing products to adjust their own costs.

BitMine and Strategy’s Different Corporate Behaviors

Corporate treasury activity split sharply along the same lines. BitMine, the largest corporate holder of Ether, added to its position every week in July, though the pace slowed compared with earlier months — its balance rose from about 5.70 million ETH at the end of June to 5.79 million ETH as of July 26. That pattern of steady, if decelerating, corporate crypto accumulation stood in contrast to Strategy’s approach on the Bitcoin side.

Strategy, led by Michael Saylor and the largest corporate holder of Bitcoin, made no Bitcoin purchases at all during July. The company instead focused on building cash reserves and supporting its preferred securities, after acting as one of the market’s most consistent Bitcoin buyers earlier in the year. The pause left Ethereum with continued treasury demand and stronger ETF inflows working in tandem, while Bitcoin’s most reliable corporate buyer sat on the sidelines.

Valuation Metrics Show No Confirmed Bottom Yet

Despite July’s momentum, on-chain data has not yet produced the signals that historically marked a durable turn in Ethereum’s favor against Bitcoin. The rally has eased selling pressure and lifted prices, but key Ethereum valuation metrics remain above the thresholds tied to past reversals.

ETH/BTC MVRV Ratio Analysis

The ETH/BTC market-value-to-realized-value ratio has fallen to 0.65 from 0.95 in August 2025, according to CryptoQuant data cited by CryptoSlate, showing that much of the overvaluation behind last year’s decline has unwound. But previous structural bottoms — including those recorded in 2019 and early 2025 — only formed once the ratio dropped below 0.45. That gap suggests Ethereum has moved past its overvalued peak without reaching the deeper compression that preceded earlier turning points.

Exchange Flow Ratio and Selling Pressure

Exchange-level data points in the same direction. The ratio of ETH to Bitcoin deposits on trading platforms has dropped from above 1.5 last August to about 0.8, signaling that the heaviest wave of relative selling has already passed. Earlier ETH/BTC reversals, though, only took hold once that ratio approached 0.4. That distance implies selling activity has cooled but has not yet reached the exhaustion point historically associated with a true bottom.

For July’s gains to evolve into a lasting reversal, the ETH BTC ratio would likely need to hold support above 0.030 while both valuation and exchange-flow measures keep drifting toward their historical bottoming ranges. Until that happens, the current The information suggests a rebound from suppressed valuations rather than establishing a definitive cyclical bottom relative to Bitcoin.

FAQ

How did Ethereum perform compared to Bitcoin in July?

Ethereum gained 19% in July, outperforming Bitcoin’s 8% gain over the same period, according to CryptoSlate.

What were the net inflows for Ethereum and Bitcoin ETFs in the US in July?

US spot Ethereum ETFs attracted $365.17 million in net inflows, while Bitcoin ETFs drew $172.43 million, based on SoSoValue data.

Has Ethereum reached a confirmed market bottom relative to Bitcoin?

No. Valuation metrics like the MVRV ratio and exchange flow ratio indicate Ethereum is in a recovery phase but has not yet reached the levels associated with previous confirmed bottoms.

What recent product launch contributed to Ethereum’s ETF inflows?

Morgan Stanley launched the Morgan Stanley Ethereum Trust (MSSE), which accumulated about $20 million in initial assets during its first days of trading.

Article produced with the assistance of artificial intelligence and reviewed by the editorial team.