- Bitcoin and Ethereum spot ETFs attracted $1.1 billion last week, with Bitcoin receiving most of the inflows.
- Ethereum gained 2.6% despite weaker ETF demand, while falling exchange supply could support a future price move.
Bitcoin and Ethereum spot ETFs attracted $1.1 billion in combined net inflows last week, despite a sharp slowdown in weekly demand. Most of the capital went into Bitcoin ETFs, while nearly 80% of the total inflows arrived on a single trading day.
U.S. Bitcoin spot ETFs recorded $968.9 million in net inflows between August 31 and September 4. Ethereum spot ETFs added another $130.3 million during the same period. Combined, the two markets saw inflows fall 32.8% from the previous week.
The distribution of those inflows was heavily concentrated. Investors poured $863.2 million into Bitcoin and Ethereum spot ETFs on September 3 alone. That represented 78.5% of the week’s total and marked the strongest single-day combined inflow since January 14.
Bitcoin Captures Most ETF Demand
Bitcoin accounted for most of the fresh ETF capital as investor interest shifted away from Ethereum. Ethereum’s share of total weekly inflows dropped from 45% to 11.9%, while its weekly inflows plunged 82.3%.
The weaker Ethereum ETF figures did not prevent ETH from posting a weekly gain. Bitcoin rose 2.77% during the period, while Ethereum gained 2.60%.
The price gains also came as Bitcoin’s spot market showed stronger buying activity. Net taker flow reached $294 million across the three trading sessions through September 4, pointing to stronger demand from buyers. Bitcoin’s open interest, however, slipped 0.6% to $53.15 billion through September 6, suggesting that the price increase was not driven by a major expansion in leverage.
Ethereum is facing a more important technical test. After recovering above $2,500, ETH is approaching resistance around $2,560. The price recently traded near $2,498, while the 20-day moving average stood at $2,418.98.
At the same time, Ethereum’s available supply on exchanges has been falling. More than 116,000 ETH, worth around $300 million, reportedly left exchanges within 48 hours. Continued withdrawals could reduce the amount of ETH readily available for selling if demand increases.
Ethereum had previously reclaimed the $2,381 resistance area, putting $2,515 in focus as the next key level. A sustained move above that zone could strengthen the bullish setup, with potential targets around $2,750 and higher levels if buying pressure continues.
Ethereum’s Price Recovery Faces a Network Activity Test
Despite the improving price, Ethereum’s network activity remains less convincing. Daily active addresses have stayed below 500,000 this month and remain more than 5% lower than a year ago.
Trading activity has improved significantly, however. Ethereum trading volume jumped 81.78% to $29.08 billion, while open interest increased only 0.34% to $32.86 billion. The combination suggests stronger market participation without a major increase in leveraged positions.
Ethereum’s broader ecosystem also continues to expand. Stablecoins on the network have reached a market capitalization of $163.5 billion, while tokenized investment funds have grown to $17.5 billion. Commodity and equity-linked tokens add further value to the network’s real-world asset sector.
Large-holder activity has also picked up. More than 1 million ETH moved across over 650 transactions, including one address that deposited 70,000 ETH worth roughly $174 million to an exchange while holding another 97,114 ETH.
For now, Bitcoin is clearly attracting the larger share of ETF demand. Ethereum, however, has several factors working in its favor, including declining exchange supply, stronger trading volume and continued growth across its real-world asset ecosystem.
The next major test for ETH will be whether these factors can help push the price through the $2,560 resistance zone. A successful breakout could give Ethereum a stronger path higher, while another rejection would keep the market focused on the $2,381-$2,515 range.
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