Ethereum spot exchange-traded funds (ETFs) saw net inflows of $103.8 million last week, about three times the inflows into bitcoin spot ETFs.

On July 27, blockchain media outlet The Defiant reported that bitcoin spot ETFs recorded net inflows of $33.9 million for the week ended July 24.

The move marked a second straight week in which ethereum spot ETFs led bitcoin spot ETFs. The two product groups broke an eight-week run of outflows at the start of this month and then reversed course. Since then, institutional money has continued to shift toward ethereum.

The weekly gap was effectively created by a BlackRock product. BlackRock's iShares Ethereum Trust (ETHA) pulled in $96.3 million over the week. By contrast, iShares Bitcoin Trust (IBIT), the largest cryptocurrency spot ETF, recorded net outflows of $95.5 million. In particular, IBIT saw $202.5 million and $212.2 million leave on two consecutive days late in the week, dragging down the overall performance of bitcoin spot ETFs.

Looking only at the weekly flow, bitcoin spot ETFs showed an early advantage. Bitcoin spot ETFs attracted $226.8 million at the start of the week and $203.2 million the next day. But a sharp reversal in flows ahead of the weekend left final net inflows at just $33.9 million. Ethereum spot ETFs saw relatively even inflows from Monday to Thursday of $38.0 million, $37.5 million, $72.7 million and $26.3 million, and stayed positive for the week despite $70.7 million in outflows on Friday.

The previous week showed the same pattern. Ethereum spot ETFs drew $105.5 million, while bitcoin spot ETFs recorded $75.5 million. As a result, weekly inflows into bitcoin spot ETFs fell 55 percent from the prior week, while ethereum spot ETFs stayed at nearly the same level.

By asset manager, the concentration was more pronounced. Fidelity's Ethereum ETF (FETH) posted weekly net outflows of $6.2 million. That effectively meant ETHA supported most of the overall net inflows into ethereum spot ETFs. On the bitcoin spot ETF side, Fidelity's FBTC drew $35.2 million, offsetting some of IBIT's outflows.

Demand for ethereum was also seen outside ETFs. BitMine Immersion, the largest corporate ethereum treasury holder, has bought an additional 104,512 ETH over the past 30 days. Its holdings now stand at 5.78 million ETH, about 4.8 percent of total supply.

Against this backdrop, the market's next focus is whether ethereum's lead will continue even after bitcoin ETF outflows ease. Over the past two weeks alone, new institutional money has been choosing ethereum over bitcoin.