Ethereum just outpaced Bitcoin with $365 million in ETF inflows, but on-chain data shows the real bottom isn’t in yet
Ethereum outperformed Bitcoin in July, rising 19% versus Bitcoin’s 8%, with ETH briefly reaching $1,970. The ETH/BTC ratio moved above 0.030 for the first time in three months, reflecting a recent shift in capital toward Ethereum after prolonged underperformance. The move was supported by stronger institutional demand: US spot Ethereum ETFs saw $365.17 million in net inflows for the month, while Bitcoin ETFs attracted $172.43 million. Ethereum also benefited from the launch of the Morgan Stanley Ethereum Trust, which quickly gathered about $20 million in assets. Corporate treasury demand also favored ETH. BitMine, the largest corporate Ether holder, kept buying through July, while Strategy, Bitcoin’s largest corporate holder, made no purchases. Still, structural reversal signals remain incomplete. ETH/BTC is still down sharply over the year, and on-chain valuation and exchange-flow metrics have improved but not yet reached levels that previously marked durable bottoms against Bitcoin.
