BlackRock ETH ETFs Draw $99.2M as IBIT Bleeds $95.5M in Rare Flow Flip
BlackRock's ETHA and ETHB posted net inflows over IBIT for the first time in months, as Bitcoin ETF outflows hit $240M in a single day.
BlackRock’s spot Ethereum ETFs pulled in more net capital than its flagship Bitcoin fund over the five trading days ending July 24, a reversal that flow data flags as a notable break from the asset manager’s usual allocation pattern. The iShares Ethereum Trust (ETHA) and ETHB combined for a $99.2 million net inflow across the period, while the iShares Bitcoin Trust (IBIT) posted a net outflow of $95.5 million over the same stretch, according to Coinglass data cited by Finbold.
The divergence lands as Bitcoin traded near $65,000 during the week and Ethereum hovered around $1,860, with ETH-linked funds catching a bid from what the data describes as strengthening institutional demand and renewed interest tied to tokenization activity.
ETHA carries the inflow, IBIT reverses hard
ETHA drove the bulk of the Ethereum-side inflows, taking in $34.3 million on July 20, $52.8 million on July 21 and $53.5 million on July 22. A $52.8 million outflow on July 24 pared the gains but the fund still closed the window in positive territory. ETHB added $2.9 million on July 23, rounding the combined BlackRock Ethereum ETF lineup to the $99.2 million net figure for the five sessions.
IBIT told a different story. The fund logged inflows of $116.5 million, $163.9 million and $38.8 million on July 20, 21 and 22 respectively, before sentiment flipped: outflows of $202.5 million on July 23 and $212.2 million on July 24 pushed the fund into a net $95.5 million withdrawal for the week — enough to overturn three straight days of gains in two sessions.
Broader Bitcoin ETF complex mirrors the reversal
The pattern wasn’t isolated to BlackRock. The wider U.S. spot Bitcoin ETF sector took in $226.8 million on July 20, $203.2 million on July 21 and $69.1 million on July 22, only to shed $225.1 million on July 23 and $240.1 million on July 24 — erasing most of the week’s earlier gains, with IBIT redemptions accounting for the bulk of the reversal.
The pullback interrupts what had been a recovery run for Bitcoin ETFs after months of heavy redemptions. Earlier in July, IBIT led that rebound with a single-day inflow of $209 million, underscoring how quickly sentiment around the fund can swing in either direction.
What the flow flip signals for positioning
Ethereum ETF demand has increasingly concentrated in BlackRock’s own products, with ETHA absorbing most of the capital entering U.S. spot Ether funds this month. Combined with ETH’s relative outperformance against BTC during parts of July, the flow data points to institutions rotating a portion of allocation toward Ethereum even as BlackRock remains the largest issuer across both asset classes.
Whether the shift extends beyond a single five-day window is the key variable for traders watching ETF flow tables into August. A repeat of net ETH inflows against net BTC outflows over a longer stretch would mark a more structural rotation rather than a one-week anomaly driven by profit-taking on IBIT.
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