Ethereum (ETH) has overtaken bitcoin as the focal point of investment, with capital flowing away from bitcoin exchange-traded funds (ETFs) experiencing outflows while ETH funds and prices ascend. According to CoinDesk market data, ETH’s 24-hour gain stands at approximately 8%, compared to bitcoin’s 5% increase, extending its weekly lead by about 4 percentage points and nearly 9 points over the past month.
On April 13, U.S. spot bitcoin ETFs reported net outflows totaling $325.8 million, primarily driven by $229 million from Fidelity’s FBTC and $63 million from ARK’s ARKB, as per SoSoValue data. This downturn represents a cooling period for what has been the primary source of marginal demand for bitcoin.
Conversely, Ether ETFs experienced modest daily inflows of $7.7 million, with weekly inflows reaching $187 million for the period ending April 10—the strongest performance in 2026 and a significant turnaround from three consecutive weeks of outflows totaling approximately $308 million. Cumulative inflows have now hit an all-time high of $11.68 billion.
Ethereum network activity is also on an upward trajectory, with daily transactions surging by 41% week over week to about 3.6 million, as Artemis data indicates a steep increase from around 2.5 million on April 10. Among major chains, only Sonic and TON reported higher percentage gains, albeit from considerably smaller bases.
The quality of Ethereum’s network activity remains ambiguous. Stablecoin transfer volume has decreased by 42.6% over the same period, with fees dropping nearly 50%, suggesting reduced transaction sizes and economic throughput.
Bitcoin continues to hold steady despite experiencing outflows, indicating underlying spot support as its dominant ETF demand diminishes, according toGlassnode’s latest weekly report.
Currently, bitcoin is managing ETF outflows without breaking, reflecting spot strength even though momentum indicators suggest overbought conditions. Whether Ethereum’s recent performance indicates a lasting shift or a temporary surge will depend on sustained inflows into ETH funds and bitcoin’s positioning easing without a significant downturn.
The outcome also depends on the quality of activity within the network. The stablecoin summer of 2025, characterized by spikes in USDC and USDT transfer volumes driving Ethereum to record economic throughput levels, set a benchmark for a fundamentally driven rally that elevated ether toward $4,000.
This week’s data presents a contrasting picture: while transactions have increased by 41%, stablecoin volume has dropped by 42.6%, indicating more activity with less underlying value. Bridging this gap is crucial to transforming the current rotation into a lasting trend.