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Ethereum Outpaces Bitcoin in ETFs, Derivatives, and Market Flows
Ethereum (ETH) continues to gain market strength as Bitcoin (BTC) retreats from its recent highs. While BTC briefly touched $124,000, it has struggled to maintain momentum—closing the month in red. Meanwhile, ETH is up 16%monthly and testing key resistance levels.
Ethereum Dominance Rising Across the Board
Since May, Ethereum’s market dominance (ETH.D) has climbed from 8% to 14%, while Bitcoin’s (BTC.D) slipped from 60% to 59%. This trend is reinforced by both on-chain data and capital flows into Ethereum-based products.
ETH-focused ETFs are playing a major role. Last week, Ether ETFs accounted for $2.9 billion of the total $3.75 billionin crypto ETP inflows. In comparison, BTC-related funds only attracted $552 million, despite Bitcoin hitting an all-time high.
Spot and Derivatives Flows Favor Ethereum
Spot ETH ETFs have reached $17 billion in weekly volume, becoming a central piece of the total $40 billion combined BTC and ETH ETF activity. This shift reflects a broader capital rotation into Ethereum.
Beyond spot markets, ETH is also leading in derivatives. In the first half of the month, Ethereum captured $10 billion in leveraged positions, with Open Interest reaching a record $65 billion. BTC saw only $1 billion in comparison.
Is the ETH/BTC Trend Reversing?
ETH/BTC has posted two consecutive green months for the first time since 2022—up more than 70% since May. The data suggests Ethereum is now the preferred asset in a risk-on market.
A recent 4% pullback looks more like a short-term correction than a reversal, possibly setting the stage for further upside heading into 2025.
