On October 6, U.S. spot Bitcoin ETFs saw net inflows of about $119 million, while Ethereum ETFs recorded net outflows of about $201.9 million on the same day—their flows moved in completely opposite directions.
A closer look at individual products makes the divergence even clearer: BlackRock’s BTC ETF (IBIT) alone attracted about $122 million in a single day, while its ETH ETF (ETHA) saw outflows of about $202 million. Ethereum ETFs have now recorded outflows for six consecutive days.
Meanwhile, on-chain data shows that exchanges hold only about 6.5% of the Bitcoin supply. There was also a record net outflow of 24,073 BTC from exchanges in a single day—the largest in nearly seven months—suggesting that fewer coins are readily available to sell.
ETF inflows combined with shrinking exchange balances make it look as though Bitcoin is gradually moving into long-term hands, while Ethereum is facing greater near-term pressure from position cuts and reallocation. The question going forward is whether this divergence will persist as a quarter-long trend or is simply temporary institutional portfolio rebalancing within ETFs.
A closer look at individual products makes the divergence even clearer: BlackRock’s BTC ETF (IBIT) alone attracted about $122 million in a single day, while its ETH ETF (ETHA) saw outflows of about $202 million. Ethereum ETFs have now recorded outflows for six consecutive days.
Meanwhile, on-chain data shows that exchanges hold only about 6.5% of the Bitcoin supply. There was also a record net outflow of 24,073 BTC from exchanges in a single day—the largest in nearly seven months—suggesting that fewer coins are readily available to sell.
ETF inflows combined with shrinking exchange balances make it look as though Bitcoin is gradually moving into long-term hands, while Ethereum is facing greater near-term pressure from position cuts and reallocation. The question going forward is whether this divergence will persist as a quarter-long trend or is simply temporary institutional portfolio rebalancing within ETFs.