Ethereum ETF Rebounded... Institutional Funds Still Gravitate Towards 'Bitcoin'

▲ Ethereum (ETH), Bitcoin (BTC)

Although the Ethereum (ETH) spot ETF showed signs of recovering net inflows, the gap with the Bitcoin (BTC) spot ETF widened by over 391%, indicating that institutional funds still favor Bitcoin.

According to The Crypto Basic on May 15 (local time), Bloomberg ETF analyst James Seyffart stated that the gap in investment demand between Ethereum spot ETFs and Bitcoin spot ETFs remains significant. Seyffart noted that while Ethereum spot ETFs have recently recorded moderate net inflows, moving away from past large outflow periods, institutional demand falls far short of the strong trend seen in Bitcoin spot ETFs.

Cumulative net inflows for Ethereum spot ETFs fell to minus $790 million by September 2024, struggling to secure initial investment demand. Although market conditions gradually improved thereafter, cumulative net inflows remained at approximately minus $660 million by the end of 2024.

The trend shifted in 2025. As institutional capital allocation increased, Ethereum spot ETFs surpassed $3 billion in cumulative net inflows by February 2025, with the growth rate accelerating in the second half of the same year. The strongest growth period was October 2025, when cumulative net inflows briefly approached $15 billion.

However, after peaking in October 2025, the inflow momentum slowed. Cumulative net inflows for Ethereum spot ETFs gradually decreased thereafter, stabilizing around $11.82 billion by May 2026, and recorded $11.93 billion at the time of writing, according to Farside Investors data.

The gap with Bitcoin spot ETFs remains overwhelming. Cumulative net inflows for Bitcoin spot ETFs exceeded $58.6 billion at the time of writing, more than 391% higher than the total net inflows for Ethereum spot ETFs. While Bitcoin spot ETFs launched in the U.S. in January 2024 and Ethereum spot ETFs in May 2024, a difference of only five months, institutional investors showed a much stronger preference for Bitcoin-centric products.

The Crypto Basic reported that Bitcoin is perceived as a store of value and a relatively stable entry point into the cryptocurrency market, whereas Ethereum tends to be evaluated as a technology-driven, high-risk asset closely linked to blockchain innovation and decentralized applications. While the recent recovery in Ethereum spot ETF net inflows is interpreted as a sign of stabilizing investor sentiment, the core of institutional capital allocation remains with Bitcoin spot ETFs.

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