Ethereum ETF Inflows Outpace Bitcoin Relative to Market Cap, Analyst Says

Ethereum has outpaced Bitcoin in U.S. spot ETF inflows when measured relative to market capitalization, according to Jamie Coutts, a crypto market analyst at Real Vision. The observation challenges the common perception that Bitcoin remains the dominant draw for institutional capital in the digital asset space.

Comparing Inflows on a Relative Basis

In a post on X, Coutts explained that comparing dollar-denominated net ETF inflows alone can make Bitcoin appear stronger due to its larger market cap. Instead, he calculated daily net ETF inflows as a percentage of each asset’s market capitalization, providing a more direct measure of inflow intensity.

Over the past month, Ethereum’s inflow intensity stood at 0.55%, roughly 2.4 times Bitcoin’s 0.23%. The trend extends over longer periods: three-month figures show ETH at 0.41% while BTC was -0.12%, and six-month data reveals ETH at 0.38% versus BTC at -0.015%.

Institutional Interest Beyond Price Expectations

Coutts argued that institutions and investment advisers are increasing ETH allocations not merely on expectations of price gains, but on the tokenization theme. This refers to the growing trend of representing real-world assets—such as bonds, real estate, or commodities—on blockchain networks, with Ethereum’s infrastructure being a primary platform for such projects.