Last week, those calling for an institutional bull run on BTC might want to first check where the institutional money is actually going. Over four trading days, BTC spot ETFs saw a net outflow of $462.7 million, while ETH spot ETFs had a net inflow of $196.9 million during the same period. On Friday alone, a single ETHA fund saw an inflow of $148.8 million, already outperforming the total fund flow of all BTC ETFs for the day. This isn’t enough to prove a long-term reversal, but it does show that, for now, new ETF buyers seem more inclined to choose ETH. If the fund flows continue like this over the next two weeks, the ETH/BTC market trend shouldn’t just be explained as a spillover-driven catch-up rally.