Ether (ETH) is outperforming bitcoin (BTC), with capital rotating as U.S. spot bitcoin ETFs experience net outflows while ether funds and prices trend upward.
ETH has gained approximately 8% in the last 24 hours compared to bitcoin's 5% rise. Over the past week, ether's outperformance has reached nearly 4 percentage points, and nearly 9 points over the past month.
U.S. spot bitcoin ETFs recorded $325.8 million in net outflows on April 13, led by outflows from Fidelity and ARK. This marks a significant cooling in a primary demand source for bitcoin.
Ether ETFs, however, saw modest daily inflows of $7.7 million, with weekly inflows reaching $187 million, marking the strongest showing of 2026 and a reversal from prior weeks of outflows.
Simultaneously, activity on the Ethereum network has accelerated sharply. Daily transactions have surged 41% week-over-week to approximately 3.6 million.
The quality of this increased activity is less clear, as stablecoin transfer volume and network fees on Ethereum have fallen, indicating smaller transaction sizes.
Bitcoin is currently holding firm despite ETF outflows, suggesting underlying spot support. The sustainability of ether's rotation will depend on sustained inflows and bitcoin's market adjustment.