Spot ether ETFs took in $103.8 million in the week ended July 24, roughly triple the $33.9 million that flowed into spot bitcoin funds, according to Farside Investors data. It is the second consecutive week ether products have out-raised bitcoin's, extending a rotation that began when both categories snapped eight-week outflow streaks earlier this month.

Ether funds have drawn nearly as much capital as bitcoin ETFs over the past three weeks despite holding about one-eighth as much in net assets.

The vast majority of the activity was concentrated in BlackRock’s IBIT product accounting for nearly $415 million of the outflows.