Ether outpaces bitcoin as ETF flows split and Ethereum activity jumps 41% on-week
Ether (ETH) is currently outperforming bitcoin in a noticeable shift of capital, as bitcoin ETFs experience outflows while ether funds and prices continue to rise.
Over the past 24 hours, ETH has seen an 8% increase compared to bitcoin’s 5% gain, according to CoinDesk market data. This trend has extended over the past week, with ETH leading by 4 percentage points, and over the past month, with a lead of nearly 9 points.
On April 13, U.S. spot bitcoin ETFs saw net outflows of $325.8 million. This was driven by significant outflows from Fidelity’s FBTC and ARK’s ARKB, as reported by SoSoValue data. This marks a cooling off in the demand for bitcoin.
In contrast, Ether ETFs experienced modest daily inflows of $7.7 million, with weekly inflows reaching $187 million for the period ending April 10. This surge in inflows represents the strongest performance of 2026 and a significant turnaround from three consecutive weeks of outflows totaling around $308 million. Cumulative inflows have now reached a record $11.68 billion.
Simultaneously, activity on the Ethereum network is rapidly increasing. Daily transactions have surged by 41% week over week to approximately 3.6 million, according to Artemis data. This represents a sharp rise from about 2.5 million transactions on April 10. Among major chains, only Sonic and TON have posted larger percentage gains, albeit from much smaller bases.
However, the quality of this increased activity on the Ethereum network is somewhat uncertain. Stablecoin transfer volume on Ethereum has decreased by 42.6% over the same period, and fees have dropped by nearly 50%. This suggests smaller transaction sizes and lighter economic throughput.
Despite the outflows from bitcoin ETFs, bitcoin itself remains stable, indicating underlying spot support even as ETF demand weakens. According to Glassnode’s latest weekly report, bitcoin is managing to absorb ETF outflows without significant impact, showcasing its strength in the spot market.
The sustainability of ether’s outperformance and the potential for a long-term rotation will depend on ETH funds maintaining inflows and bitcoin’s positioning adjusting without a drastic correction. Additionally, the quality of on-chain activity will play a crucial role. The summer of 2025 saw a surge in stablecoin transfer volumes, driving Ethereum to record economic throughput and pushing ether towards $4,000. However, the current data indicates a discrepancy between increased transactions and decreased stablecoin volume, highlighting the need for higher-value activity to support a lasting rotation.
In conclusion, the shift in capital from bitcoin to ether reflects a changing landscape in the cryptocurrency market. As investors navigate this transition, the sustainability of this trend will rely on a combination of fund inflows, on-chain activity quality, and market dynamics.
