Ether exchange-traded funds (ETH ETFs) staged a strong comeback on August 21 after their four-day outflow streak. According to data from analytics platform SoSoValue, it recorded a combined $287.61 million in inflows, even as Bitcoin ETFs witnessed another round of outflows.
Analysing the metrics, the rebound reveals shifting investor sentiment. Capital is now rotating into Ether products at a time when Bitcoin funds are facing sustained pressure, resulting in $194.32 million in outflow.
What the ETF Data Reveals
Leading the ETH ETF inflow surge was BlackRock’s NASDAQ-listed ETHA, which saw $233.59 million in net inflows, boosting its cumulative total to over $12 billion. Fidelity’s FETH followed with $28.53 million in new investments, while Grayscale’s ETH and ETHE products attracted $6.36 million and $5.92 million, respectively.
Bitwise’s ETHW and VanEck’s ETHV also added more than $6 million each, while smaller products from Franklin (EZET), 21Shares (CETH), and Invesco (QETH) recorded no new activity. Despite the rebound, Ether ETF prices tracked the broader crypto market downturn, with daily declines of around 2.8% to 2.9% across major funds.
By contrast, Bitcoin ETFs posted net outflows led by BlackRock’s IBIT, which shed $127.49 million on the day. Fidelity’s FBTC and Ark Invest’s ARKB also saw withdrawals of $31.77 million and $43.28 million, respectively. Only Grayscale’s BTC trust managed modest inflows of $4.97 million, while most other products, including those from Bitwise, VanEck, and Valkyrie, saw negative flows.
Whales Sell BTC to buy ETH
Bitcoin whales have begun offloading their BTC holdings in favor of Ether, according to on-chain data. One sold 2,970 BTC worth $337 million over the past two days while opening $577 million in ETH longs and buying more than 50,000 ETH. The address later sold 172.9 BTC hours ago to purchase over 4,500 ETH.
Blockchain sleuth, Lookonchain, discovered another whale, who had received 85,947 BTC in the same period. The address deposited BTC to the trading platform Hyperliquid to execute a similar strategy. The Analyst believes both whales may be the same entity. Nonetheless, six wallets linked to the whale still hold 83,585 BTC valued at $9.42 billion.
With Ether ETFs recently attracting fresh inflows while Bitcoin ETFs face outflows, the whales’ rotation adds weight to the narrative that large investors are diversifying away from Bitcoin toward Ether. The Bitcoin dominance is now below 60, leading some analysts to believe that the altcoin season is underway.
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