Spot Ethereum Cited Funds raised around $ 3.9 billion in August, while the US Bitcoin ETFs. UU. They received approximately $ 750 million for net reimbursements.
The division extends a summer section in which Ethereum’s funds have constantly attracted capital since the end of July, since Bitcoin’s products saw flashing departures.
The rotation follows a July record for Ethereum vehicles, with approximately $ 5.4 billion in net tickets that led to the accumulated demand of investors near parity with Bitcoin’s funds for the month.
The impulse accelerated in mid -August, including the first single day above $ 1 billion of net creations for ETF Spot Eth on August 11, according to Vettafi.
The daily flows remain unequal, but the book Greater of August closed with firmly positive Ethereum and negative bitcoin on a net base, according to the counts informed by the Sosovalue issuer.
Supply absorption is part of the backdrop. The ETF of Bitcoin Spot of the USA. UU. Now the custody of around 1.29 million BTC among the emitters, approximately 6 to 7% of the circulating supply.
On the Ethereum side, the US ETF spot. The participation of Holdings is reflected in community data sets as the “general description of ETF of Ethereum Spot” by Dune.
A growing ETF footprint squeezes the float that can be used freely over time, a dynamic that can influence prices discovery if creations exceed the channels.
The price of the action has reflected the flow gap on the margin. The ETH/BTC torque exceeded a maximum of 2025 towards the end of August, extending the relative performance of Ethereum since the beginning of summer.
At the end of August, JPMorgan framed the divergence around four themes, including the constant demand of ETF, a collection in the direct assignments of corporate treasury to ETH, a more friendly regulatory position in the rethinking compared to the previous expectations and the mechanics of the creations and refunds now for the funds.
The flows have been choppy day by day. The first week of August presented one of the single -day Bitcoin departure impressions from the launch, and Ethereum briefly saw the channels that interrupted a streak of several days.
These reversions were subsequently compensated by the creations in ETH vehicles in the middle of the month and an offer from the end of August that cut the weekly departure streak of BTC, according to Sosovalue’s panels for each category. Variability emphasizes how a handful of great authorized participants can balance daily impressions even when the monthly tape shows a clear division.
The circle of turn Q4?
In September and the fourth quarter, the test is whether the August pattern persists.
The ETF wrappers now have a material participation of the supply of each asset, and Ethereum’s footprint is increasing from a lower base.
JPMorgan wrote that Ethereum Holdings in ETFs and corporate treasures could continue to grow, using most of the Bitcoin supply blocked in those channels as a reference point for what could be developed in ETH.
For now, the August command box is read as a month of rotation: approximately $ 3.9 billion in Ethereum funds against approximately $ 0.75 billion of Bitcoin funds.
If Ethereum ETFS repeats the August rhythm in the fourth quarter, the accumulative net tickets would exceed $ 11 billion for the end of the year, almost doubleing the current holdings of ETF to more than 10% of the circulating supply when they are measured against approximately 120.7 million ETH.
This scale would bring ETF penetration closer to Bitcoin’s current participation, which is about 6-7%, remodeling the reference of reference assignments institutions when weighing the cryptographic exposure.
Such change would also leave a less negotiable Ethere in the spot markets, which can intensify the liquidity squeezed during periods of directional demand.
The effect would not be limited to the price, since the largest ETF balances also increase the set of assets governed by the mechanics of redemption and creation that dictate the arbitration, custody and liquidation flows.
If the entrances are maintained, the fourth quarter can be the first quarter where ETFs of Ethereum move from a recovery phase to an equal seat to design together with the Bitcoin ETFs in the construction of the portfolio, with implications on how the emitters, market manufacturers and treasure desks manage the risk of crypto crypto cryptography in 2026.