Ethereum Pushes Toward $4K Outperforming Bitcoin in ETF Flows

Ethereum is on the brink of breaking $4,000 for the first time since December, fueled by 7 consecutive days of stronger inflows into spot ETH ETFs than BTC products. With ETH’s market cap still just one-fifth of bitcoin’s, smaller allocations from institutions and corporate treasuries are having an outsized price impact, an effect that appears to be accelerating.

QCP’s latest market insights show that bitcoin, however, remains resilient. While spot BTC ETF inflows have slowed, the asset absorbed last week’s 80,000 BTC sale by a long-time holder with minimal volatility. BTC dominance hovers around 60%, signaling confidence in its role as a store of value even as ETH captures fresh attention.

Perpetual open interest is flashing caution signs: BTC open interest (OI) sits near $45 billion, while ETH OI exceeds $28 billion, both near year-to-date highs. Funding rates above 15% on major exchanges suggest overheated conditions. Options markets also show signs of hedging, with large ETH call structures unwound and BTC downside puts added for August expiry.

Despite stretched positioning, the broader backdrop remains bullish. Momentum, strong ETF demand, and macro tailwinds point to any near-term dips likely being bought aggressively, just as last week’s volatility quickly faded.

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