Key Notes
- Ethereum ETFs are on track to surpass Bitcoin ETFs in supply held by September.
- ETH ETFs currently hold 5.08% of supply while BTC ETFs hold 6.38%.
- ETH spot ETFs saw $197 million in net outflows, the second-largest in history.
Ethereum
ETH
$4 307
24h volatility:
0.5%
Market cap:
$519.88 B
Vol. 24h:
$37.35 B
exchange-traded funds (ETFs) could soon surpass Bitcoin
BTC
$115 534
24h volatility:
0.4%
Market cap:
$2.30 T
Vol. 24h:
$37.33 B
ETFs in terms of supply held, a development that would mark a major turning point in institutional crypto markets.
Ethereum ETFs Gaining Ground
According to Dragonfly data analyst hildobby, Bitcoin ETFs currently hold about 6.38% of the total BTC supply, while Ethereum ETFs account for 5.08% of the ETH supply.
While Bitcoin retains the lead, the gap is closing quickly. At the current pace, Ethereum ETFs are projected to overtake Bitcoin ETFs as a share of circulating supply by September.
The shift comes even as both asset classes faced outflows this week. On August 18, Ethereum spot ETFs registered net outflows of $197 million, the second-largest daily exit in their history.
Bitcoin spot ETFs also saw redemptions, losing $122 million, though Bitwise’s BITB stood out as the only fund recording inflows.
ETH/BTC Reversal
Ethereum has been displaying renewed strength against Bitcoin in spot and derivatives markets. The ETH/BTC pair recently climbed to 0.0368, its highest level of the year, after hitting a six-year low in April.
Spot market dynamics show that last week, Ethereum’s trading volume was nearly three times that of Bitcoin, with the ETH/BTC spot volume ratio hitting an all-time high of 2.71.
ETH/BTC ratio. | Source: CryptoQuant
In derivatives, the ETH/BTC perpetual futures open interest ratio surged to 0.71, a level not seen in 14 months. It is clear that investors are now more interested in Ethereum than Bitcoin, making it a top crypto to buy in 2025.
Bitcoin Faces Its Own Battle
Bitcoin is facing a psychological and technical fight of its own. Market analytics firm Swissblock stated that Bitcoin could drop below $100,000 in September, pointing to the “$100k–$110k wall” formed by more than 100 days of trading above $100k.
Swissblock noted that this resistance level is not “indestructible,” but breaking it down would require significant bearish momentum. For now, the zone remains a major battleground for Bitcoin’s price direction.
A September to Watch
The convergence of ETF supply dynamics, ETH/BTC strength, and looming technical battles for Bitcoin sets the stage for a volatile September.
If Ethereum ETFs do surpass Bitcoin ETFs in terms of supply held, the discussions of ETH flipping BTC in the coming years could once again surface.
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Source: https://www.coinspeaker.com/eth-etfs-to-overtake-btc-etfs-by-supply-held-in-september/
