Ethereum ETFs Log Their First Positive Week Since April — and ETH Just Outran Bitcoin on CPI Day

Ethereum quietly did two things this week that Bitcoin watchers may have missed. First, U.S. spot Ether ETFs recorded +$84.42 million of net inflows for the week ending July 11 — their first positive week after eight consecutive weeks of outflows, and the best weekly total since late April, per SoSoValue data. Second, when Tuesday's soft CPI print hit, ETH outran Bitcoin: up roughly 5–6% to about $1,873 Wednesday morning versus Bitcoin's 4%, its strongest single-day showing in over a month.

Neither number is large in absolute terms. Both matter directionally — because they replicate, one week later and in miniature, exactly the pattern Bitcoin's ETF complex traced at the start of July.

The flow detail: BlackRock again, concentration again

The composition of the streak-snap looks familiar. On July 10, Ether ETFs took in +$18.4 million, of which $16.2 million went to BlackRock's ETHA — an 88% concentration in a single issuer, echoing the IBIT-dominance pattern that defined Bitcoin's own early-July recovery (July 10's BTC inflow was 96% IBIT). The rest of the crypto ETF complex showed the same tentative green: XRP funds +$17.2M, Solana +$5.8M, HYPE +$4.3M and LINK +$0.9M on the week, per CoinShares-adjacent tallies reported by Yahoo Finance.

The caveat we applied to Bitcoin's streak-snap two weeks ago applies verbatim here: one positive week inside a still-cautious market is an early, isolated reversal — a first crack in the outflow narrative, not a green light. Bitcoin's own follow-through after July 2 lasted barely three sessions before leaking again.

CPI day showed ETH's beta is back

Tuesday's session was the more interesting tell. Through most of 2026's drawdown, ETH fell harder than BTC on bad days but failed to bounce harder on good ones — the worst of both worlds, and one reason it still trades near $1,873 after losing the $2,000–$2,200 zone earlier this year. A 5–6% pop against Bitcoin's 4% on a macro relief day is classic high-beta behavior reasserting itself. The Motley Fool clocked ETH's CPI-day move at 6%, its sharpest since early June.

For the ratio traders: ETH/BTC remains in the gutter of its multi-year range, and one relief day does not repair it. But regime changes in that ratio have historically started exactly this way — beta returning on macro turns, then flows following.

The template: what Bitcoin's tape says happens next

If ETH is simply running Bitcoin's early-July script with a one-week delay, the script says: expect a narrow, issuer-concentrated follow-through week, then a stall, then an event test. The event test is already on the calendar — today's June PPI at 8:30 a.m. ET, where core wholesale inflation is expected to accelerate to 5.2% year-over-year. A hot print that re-arms the Fed-hike narrative would hit the highest-beta assets hardest, and ETH's fresh one-week streak would be the first casualty. A benign print, and the first two-week positive ETH ETF stretch since the spring becomes a live possibility.

What to watch this week

• The July 13–17 weekly flow total — does ETH hold a second positive week despite Monday's market-wide risk-off session?
• ETHA's share of any inflows — broadening beyond BlackRock would upgrade the signal; continued 85%+ concentration keeps it a single-desk story.
• $2,000 on ETH — the round number is also the floor of the zone lost this spring; reclaiming it would be the first structural repair since the breakdown.
• ETH/BTC ratio — two consecutive weeks of outperformance would suggest rotation, not just beta.