Spot Ethereum exchange-traded funds took in about $3.9 billion in August while U.S. Bitcoin ETFs posted roughly $750 million in net redemptions.

The split extends a summer stretch in which Ethereum funds have consistently drawn capital since late July, as Bitcoin products saw intermittent outflows.

The rotation follows a record July for Ethereum vehicles, with about $5.4 billion in net inflows that brought cumulative investor demand close to parity with Bitcoin funds for the month.

Momentum accelerated into mid-August, including the first single day above $1 billion of net creations for spot ETH ETFs on Aug. 11, according to VettaFi.

Daily flows remain uneven, but the August ledger closed with Ethereum firmly positive and Bitcoin negative on a net basis, per SoSoValue’s issuer-reported tallies.

Supply absorption is part of the backdrop. U.S. spot Bitcoin ETFs now custody around 1.29 million BTC across issuers, roughly 6–7% of the circulating supply.

On the Ethereum side, U.S. spot ETFs hold just over 6.3 million ETH, a little above 5% of the circulating supply compared with the current issuance of around 120.7 million ETH; the holdings share is reflected on community datasets such as Dune’s “Ethereum Spot ETF Overview.”

A growing ETF footprint tightens the freely tradable float over time, a dynamic that can influence price discovery if creations outpace redemptions.

Price action has mirrored the flow gap at the margin. The ETH/BTC pair pushed to a 2025 high toward the end of August, extending Ethereum’s relative outperformance since early summer.

In late August, JPMorgan framed the divergence around four themes, including steady ETF demand, a pickup in direct corporate treasury allocations to ETH, a friendlier regulatory stance on staking compared with earlier expectations, and the mech

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Author: Liam ‘Akiba’ Wright