After a capital outflow in early April, Bitcoin and Ethereum Exchange-Traded Funds (ETFs) are bouncing back, hinting at a potential revival of institutional interest. While a fresh breeze sweeps through the crypto markets, a closer look reveals contrasting dynamics between the top two digital assets.
The Bitcoin ETFs in cash (spot) have been experiencing a notable bullish trend since mid-April, marking a clear trend reversal. After net capital outflows that weighed on the market until April 11, the movement reversed.
Tuesday, April 15, marked the first positive day with +76 million dollars in net inflows. Despite a brief dip on April 16 (-170 million $), the positive trend solidified: no overall net outflows were recorded from April 17 to 28.
The acceleration was particularly visible from Monday, April 21, with nearly +390 million dollars injected. This coincides with Bitcoin’s (BTC) price rising above $86,000. The monthly record was set the next day, Tuesday, April 22: over +900 million dollars in net inflows. At the same time, BTC surpassed $90,000.
Since April 21, daily net inflows into Bitcoin ETFs have never been less than 380 million dollars. This strong return of confidence from institutional investors comes as Bitcoin consolidates its gains around $90,000 – $95,000. This confirms the role of these ETFs as a bullish catalyst!
On the Ethereum ETFs side, the picture is much more mixed. The return of capital is indeed more hesitant, reflecting the persistent challenges of Ether’s (ETH) price compared to Bitcoin.
Net outflows from Ethereum ETFs continued until April 17, two days longer than for Bitcoin. But that’s not all! April 21 and 25 also saw net outflows, contrasting sharply with the massive inflows observed in Bitcoin ETFs on the same days.
A notable positive point is the monthly record of net inflows reached on April 25, with +104 million dollars. Although respectable for ETH products, this figure remains modest compared to the volumes handled by Bitcoin ETFs. The recent series of net inflows spans only three consecutive days, compared to seven for BTC.
This weaker trend reflects:
The ETH/BTC ratio measures Ethereum’s relative performance to Bitcoin. Its evolution is particularly revealing of the current trend. While it reached 0.040 BTC for 1 ETH in December 2024, it now hovers around 0.019 BTC at the end of April 2025.
You have to go back to December 2019 (over five years ago) to find such low levels. This marked drop in Ethereum’s “dominance” against Bitcoin illustrates the concerns weighing on the market’s second-largest capitalization.
The ratio briefly touched a low below 0.018 BTC on April 22. However, the fact that it has been hovering around 0.019 since early April might suggest that a bottom has possibly been reached after a long downtrend.
The dramatic rebound in flows to Bitcoin ETFs confirms their role as a key barometer of institutional interest in crypto-assets. Bitcoin reinforces its narrative as “digital gold” and a store of value.
Attention is now focused on regulation, particularly the potential approval of spot Ethereum ETFs by the U.S. SEC or the introduction of similar products in Europe. Such a decision could indeed change the game for Ethereum, which currently struggles to fully convince institutions.
Despite the positive signals, caution is warranted. The crypto market remains volatile. For investors seeking regulated exposure, crypto ETFs, especially those on Bitcoin, are becoming preferred vehicles again. It will be important to closely monitor the evolution of flows and regulatory decisions in the weeks ahead.
Léa is a member of the InvestX team, dedicated to guiding users through their learning journey. Passionate about cryptocurrencies, she closely follows market trends. On InvestX.fr, Léa writes articles to help readers decode the latest news and stay informed about the ever-evolving blockchain world.
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