Ethereum Tops Bitcoin With $365M July ETF Inflows

U.S. spot Ethereum ETFs recorded $365.17 million in net inflows in July. Ether rose about 19% for the month, reaching as high as $1,970 before trading near $1,868. Bitcoin gained roughly 8% over the same period and repeatedly tested the $65,000 level without clearing it. U.S. Bitcoin ETFs saw about $172.43 million in net inflows in July.

The ETH/BTC ratio climbed above 0.030 briefly and settled near 0.02962. The pair rose more than 10% over the past month. Year-to-date the ratio remains about 13% lower and roughly 73% below its 2017 peak near 0.11.

Ethereum-focused ETFs reversed more than two months of outflows that exceeded $1 billion across May and June. An institutional Ethereum trust launched by a major bank began trading in July under the ticker MSSE and accumulated about $20 million in initial assets. The trust carries a 0.14% fee and is distributed through a network of roughly 16,000 financial advisers overseeing about $7 trillion in client assets.

Corporate treasury activity also moved toward Ether in July. BitMine, identified as a large corporate holder of Ether, increased its balance from about 5.70 million ETH at the end of June to roughly 5.79 million ETH by July 26. MicroStrategy did not add to its Bitcoin holdings in July and focused on increasing cash reserves and supporting its preferred securities.

On-chain valuation metrics offer a mixed picture. The ETH/BTC market-value-to-realized-value (MVRV) ratio declined to about 0.65 from 0.95 in August 2025. Earlier structural bottoms in 2019 and in early 2025 emerged after the measure fell below roughly 0.45.

Exchange-flow data show the ratio of Ethereum to Bitcoin deposits on trading platforms fell from above 1.5 last August to about 0.8. Prior ETH/BTC reversals formed when that deposit ratio was near roughly 0.4.

ETF inflows, institutional product launches, corporate purchases, and on-chain valuation and exchange-flow metrics are among the indicators market participants are monitoring to assess whether recent price and flow patterns continue.