Bitcoin ETF trading volume dips to April 2025 low as Ether funds attract inflows

US spot Bitcoin Exchange-Traded Funds (ETFs) have hit a significant lull, recording their lowest weekly trading volume since October 2024. The funds saw approximately $8.05 billion change hands during the five sessions ending July 24, 2026, marking a notable cooling of interest in the flagship cryptocurrency’s regulated investment products.

This slowdown comes as spot Ether ETFs continue to gain traction, attracting $103.9 million in net inflows over the same period. Ether products have now outperformed their Bitcoin counterparts in attracting new capital for a second consecutive week, signalling a potential shift in investor focus within the crypto ETF market.

bitcoin ETF trading volume hits multi-month low

The latest figures show a distinct dip in activity. Spot Bitcoin ETF trading volume totaled roughly $8.05 billion during the week ending July 24, 2026, according to analysis of SoSoValue data. This represents a 14% decrease from the $9.37 billion recorded in the preceding period.

It’s the lowest full five-session weekly volume for these funds since the week ending October 11, 2024. While a lower volume was observed in April 2025, that week only included four trading sessions due to the Good Friday holiday, making the current dip more pronounced for standard trading periods.

daily shifts in bitcoin ETF capital flows

Despite the overall subdued activity, Bitcoin ETFs managed to conclude the week with approximately $33.8 million in net inflows. This extended their positive run to three consecutive weeks, ending a record eight-week outflow streak earlier this month.

However, this modest weekly inflow masks significant volatility throughout the period. The funds initially attracted about $499.1 million over the first three trading sessions of the week. This early momentum was largely erased by substantial withdrawals in the latter half.

Investors pulled $225.2 million on Thursday and another $240.1 million on Friday. These sharp daily outflows underscore a cautious approach from many investors, who quickly reacted to market conditions.

BlackRock’s iShares Bitcoin Trust (IBIT), one of the largest spot Bitcoin ETFs by net assets, bore the brunt of these withdrawals. It recorded roughly $95.5 million in net outflows for the week, losing a combined $414.7 million during the final two trading sessions.

Specifically, IBIT saw outflows of $202.48 million on July 23, 2026, and a further $202 million on July 24, 2026. This contrasts with Morgan Stanley’s MSBT, which bucked the trend by attracting $5.01 million on July 23, 2026, and $50.108 million on July 24, 2026.

Other funds helped mitigate the net losses. Grayscale’s Bitcoin Mini Trust and the ARK 21Shares Bitcoin ETF notably attracted approximately $85.8 million and $78.1 million in inflows, respectively, partly offsetting IBIT’s significant outflows.

ether ETFs maintain strong inflow streak

The narrative was markedly different for Ether-backed products. Spot Ether ETFs pulled in approximately $103.9 million in net inflows during the week ending July 24, 2026. This marks their third consecutive positive week, demonstrating sustained investor confidence in Ethereum’s ecosystem.

This performance ensures Ether ETFs have now outperformed Bitcoin funds in attracting new capital for a second straight week. In the preceding period, Ether funds attracted $105.4 million in inflows, compared to $75.7 million for their Bitcoin counterparts.

The week ending July 11, 2026, also saw robust interest, with spot Ethereum ETFs breaking an eight-week streak of net outflows by pulling in $84.42 million. On July 23, 2026, Ether funds added another $26.3 million in net inflows, maintaining their upward trajectory.

blackrock and grayscale lead ether fund inflows

BlackRock’s iShares Ethereum Trust (ETHA) was a significant contributor to this demand, accounting for approximately $96.3 million of the Ether funds’ weekly total. ETHA recorded inflows of $58.3 million on July 14, $52.8 million on July 21, and $31.7 million on July 17.

Grayscale’s Ethereum Mini Trust also added $9.9 million to the weekly total. However, not all Ether products saw gains; Fidelity’s FETH recorded about $6.2 million in net outflows during the week.

Ethereum ETF trading volume totaled $2.78 billion for the week, showing a minor 2% decrease from the prior period. Despite this, Ether products still commanded trading volume equivalent to roughly 35% of Bitcoin ETF volume, even though they hold only about 13% as much in net assets.

This discrepancy highlights a higher velocity of trading in Ether ETFs relative to their total market size, suggesting active engagement from investors. It indicates a readiness to embrace diversification beyond just Bitcoin.

contrasting performance and market capitalization

Over the past three weeks, Ether ETFs have collectively gathered about $293.8 million in new capital. This nearly matches the $306.9 million that flowed into Bitcoin ETFs over the same duration, despite Bitcoin’s significantly larger market footprint.

Ethereum ETF net assets stood at $10.17 billion as of July 24, 2026, which is a fraction of the $77.82 billion held by Bitcoin products. The latest Ether inflows represented approximately 1% of the category’s net assets, while Bitcoin inflows amounted to just about 0.04% of that group’s assets.

These figures illustrate a striking difference in investor behavior. Smaller inflows into Ether products have a much larger proportional impact on their asset base than comparable flows into the established Bitcoin funds. This dynamic could suggest greater room for growth and price sensitivity for Ether ETFs.

year-to-date outflows persist for crypto funds

Despite recent positive movements, both Bitcoin and Ether ETFs are still grappling with significant year-to-date losses. Bitcoin ETFs remain at approximately $5.23 billion in net outflows since the start of 2026. This reflects a challenging market environment throughout much of the year.

Ether ETFs have also experienced a net negative year, currently down roughly $1.15 billion. These cumulative figures underscore the broader market pressures that have affected digital asset investments.

Looking specifically at July, Ether products have taken a clear lead in attracting capital. They’ve drawn about $337.7 million compared to $234 million for Bitcoin ETFs this month. This trend suggests a growing investor preference for Ethereum as market participants seek new avenues for growth.

broader market context and future outlook

The subdued Bitcoin market activity coincides with the cryptocurrency trading near $64,110 on July 25, 2026. This is well below the record highs seen late last year, indicating that the market may be in a consolidation phase.

Conversely, Ether traded around $1,864, demonstrating resilience even as the larger cryptocurrency faced headwinds. The evolving preferences highlight how investors are diversifying their portfolios and reacting to distinct performance drivers for each asset.

This shifting landscape suggests that institutional investors are becoming more discerning in their digital asset allocations. They’re not just focusing on Bitcoin anymore, but actively exploring other opportunities in the broader crypto ecosystem. As more specialized crypto ETFs emerge, competition for investor capital will intensify, pushing fund providers to innovate further.

Regulatory developments, such as the ongoing discussions around new ETF products, will also play a crucial role in shaping these trends. Continued clarity and acceptance from financial authorities could unlock further institutional investment, potentially shifting these market dynamics even more dramatically in the coming months. The market remains keen to see if these trends persist or if Bitcoin will regain its dominance in the ETF space.