Ethereum ETF Ratio Triples vs BTC, Price Outperforms in 3 Months

Ethereum is gaining ground on Bitcoin in the eyes of institutional investors. Data from U.S. spot exchange-traded funds (ETFs) shows that the ETH/BTC holdings ratio has tripled in the past three months. The shift coincides with Ethereum’s price outperforming Bitcoin over the same period, pointing to a change in market preference among large investors.

Chart – ETF: ETH/BTC Total Holdings Ratio by CryptoQuant

The trend became clear around May 2025, when both the ETH/BTC price ratio and ETF holdings ratio began climbing in tandem. By August, the ETF holdings ratio had reached its highest level to date. Analysts say the surge reflects growing confidence in Ethereum’s role beyond a store of value. With its network upgrades and decentralized finance adoption, attracting new capital.

ETF Inflows Highlight Momentum

On August 14, U.S. spot Bitcoin ETFs recorded a net inflow of $231 million. BlackRock’s IBIT led the pack with $524 million in gross inflows. However, Ethereum’s numbers told a different story. Spot Ethereum ETFs brought in $640 million on the same day, with BlackRock’s ETHA alone attracting $520 million.

The scale of inflows into ETH products suggests that large asset managers see room for further appreciation. Some analysts note that these flows also indicate a degree of risk rotation, with investors diversifying their crypto exposure away from Bitcoin dominance.

Why the Shift Matters

Institutional portfolios tend to move deliberately, so such a rapid change in allocation is notable. A tripling of the ETF ratio in three months suggests more than short-term speculation. It may reflect structural confidence in Ethereum’s growth potential as a settlement layer for decentralized applications, tokenized assets, and staking yields. 

Price performance has reinforced that sentiment. Over the last quarter, Ethereum has consistently outpaced Bitcoin’s gains. It is narrowing the year-to-date performance gap and attracting momentum traders alongside long-term allocators.

Market Eyes on the Next Quarter

Currently, the shift has energized Ethereum advocates and given analysts new data points to consider for year-end forecasts. If inflows remain steady, the ETH/BTC ratio could test new highs. It is challenging Bitcoin’s share of institutional crypto exposure.

Yet, some market participants caution that regulatory developments and ETF liquidity will shape how sustainable the trend becomes. The next quarter will test whether this surge in Ethereum allocations marks the start of a deeper rebalancing. It will also show if it’s just a sharp, but temporary, pivot in institutional strategy.