Ether (ETH) has recently been showing stronger performance compared to Bitcoin, suggesting a noticeable shift in investor interest, with capital flowing away from Bitcoin ETFs even as Ether’s price rises.
In the last 24 hours, ETH has gained about 8%, whereas Bitcoin is up roughly 5%. Over the past week, ETH has outperformed Bitcoin by around 4 percentage points and approximately 9 points over the last month, based on data from CoinDesk.
On April 13, the US Spot Bitcoin ETF experienced significant outflows totaling $325.8 million, which included $229 million from Fidelity’s FBTC and $63 million from ARK’s ARKB, demonstrated by SoSoValue data. This trend highlights a clear decline in the main sources of demand for Bitcoin.
While daily inflows into the Ether ETF were modest at $7.7 million, the weekly inflows surged to $187 million by April 10, marking the strongest performance in 2026. This is quite a turnaround from three prior weeks of outflows, which totaled around $308 million. Cumulatively, inflows have reached a record high of $11.68 billion.
At the same time, Ethereum network activity is picking up speed. Daily transactions have hit about 3.6 million, which is a 41% increase from the previous week. Among larger networks, only Sonic and TON have seen higher percentage increases, though they’re starting from much smaller numbers.
However, there’s some uncertainty regarding the quality of this activity. Stablecoin transfer volumes on Ethereum have dropped by 42.6% in the same period, and transaction fees have fallen nearly 50%, suggesting that transaction sizes may be shrinking and economic activity might be slowing down.
Meanwhile, Bitcoin continues to display resilience despite these outflows, which could indicate some level of support in the spot market, even with diminishing interest from ETFs, as noted in Glassnode’s latest weekly report.
Thus far, Bitcoin has managed to absorb ETF outflows without significant declines, suggesting potential strength in the spot market, even though some indicators imply it may be overbought. Whether the current interest in Ether represents a lasting shift or simply a temporary spike may hinge on the sustainability of inflows into ETH funds and how Bitcoin positions react moving forward.
This also ties back to the quality of chain activity. The “stablecoin summer” of 2025, where transfer volumes of USDC and USDT skyrocketed, contributed to Ethereum’s economic throughput and set a high bar for a fundamentals-driven bull market that aimed towards $4,000.
This week’s data, however, seems to suggest a different story. While transaction numbers increased by 41%, stablecoin trading volumes decreased by 42.6%, hinting that even with rising activity levels, the underlying value is diminishing. Bridging this gap will be crucial for a more stable and robust rotation.
