Key Notes
- Ethereum ETFs are on track to surpass Bitcoin ETFs in supply held by September.
- ETH ETFs currently hold 5.08% of supply while BTC ETFs hold 6.38%.
- ETH spot ETFs saw $197 million in net outflows, the second-largest in history.
Ethereum ETH $4 307 24h volatility: 0.5% Market cap: $519.88 B Vol. 24h: $37.35 B exchange-traded funds (ETFs) could soon surpass Bitcoin BTC $115 534 24h volatility: 0.4% Market cap: $2.30 T Vol. 24h: $37.33 B ETFs in terms of supply held, a development that would mark a major turning point in institutional crypto markets.
According to Dragonfly data analyst hildobby, BTC ETFs currently hold 6.38% of the total BTC supply, while ETH ETFs hold 5.08% of the total ETH supply. At the current pace, ETH ETF holdings are expected to surpass BTC ETF holdings as a share of total supply by September.…
— Wu Blockchain (@WuBlockchain) August 19, 2025
Ethereum ETFs Gaining Ground
According to Dragonfly data analyst hildobby, Bitcoin ETFs currently hold about 6.38% of the total BTC supply, while Ethereum ETFs account for 5.08% of the ETH supply.
at current pace, % of ETH in ETFs will exceed BTC's in september
srcs: https://t.co/jW6Of0S51K, https://t.co/0uASMTncJf pic.twitter.com/LzVIceXlha
— hildobby (@hildobby) August 18, 2025
While Bitcoin retains the lead, the gap is closing quickly. At the current pace, Ethereum ETFs are projected to overtake Bitcoin ETFs as a share of circulating supply by September.
The shift comes even as both asset classes faced outflows this week. On August 18, Ethereum spot ETFs registered net outflows of $197 million, the second-largest daily exit in their history.
On August 18, Ethereum spot ETFs recorded total net outflows of $197 million, the second-largest in history. Bitcoin spot ETFs saw total net outflows of $122 million, with Bitwise ETF (BITB) being the only one to register net inflows.https://t.co/Tvs2oCSxTg pic.twitter.com/6WJJTVHdji
— Wu Blockchain (@WuBlockchain) August 19, 2025
Bitcoin spot ETFs also saw redemptions, losing $122 million, though Bitwise’s BITB stood out as the only fund recording inflows.
ETH/BTC Reversal
Ethereum has been displaying renewed strength against Bitcoin in spot and derivatives markets. The ETH/BTC pair recently climbed to 0.0368, its highest level of the year, after hitting a six-year low in April.
Spot market dynamics show that last week, Ethereum’s trading volume was nearly three times that of Bitcoin, with the ETH/BTC spot volume ratio hitting an all-time high of 2.71.
ETH/BTC ratio. | Source: CryptoQuant
In derivatives, the ETH/BTC perpetual futures open interest ratio surged to 0.71, a level not seen in 14 months. It is clear that investors are now more interested in Ethereum than Bitcoin, making it a top crypto to buy in 2025.
Bitcoin Faces Its Own Battle
Bitcoin is facing a psychological and technical fight of its own. Market analytics firm Swissblock stated that Bitcoin could drop below $100,000 in September, pointing to the “$100k–$110k wall” formed by more than 100 days of trading above $100k.
Lots of noise about Bitcoin dropping below $100k in September.
Beyond indicators, $BTC would need to break the $100k–$110k wall built over 100+ days above $100k.
Not indestructible, but a tough fight for bears. pic.twitter.com/upiCtzQTtd
— Swissblock (@swissblock__) August 18, 2025
Swissblock noted that this resistance level is not “indestructible,” but breaking it down would require significant bearish momentum. For now, the zone remains a major battleground for Bitcoin’s price direction.
A September to Watch
The convergence of ETF supply dynamics, ETH/BTC strength, and looming technical battles for Bitcoin sets the stage for a volatile September.
If Ethereum ETFs do surpass Bitcoin ETFs in terms of supply held, the discussions of ETH flipping BTC in the coming years could once again surface.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
