ETH ETFs drew three times Bitcoin flows

Social posts on May 23 seized on a simple comparison in U.S. crypto ETF trading: Ether-linked funds were holding up better than Bitcoin funds, and in at least one recent session the gap was roughly three to one. The claim spread through X posts that cited daily flow trackers rather than issuer statements. Public data from Farside Investors supports the broad direction of that argument, though the ratio depends on which day is being measured. On May 21, Farside’s tables showed U.S. spot Ether ETFs with net outflows of $32.6 million and spot Bitcoin ETFs with net outflows of $100.8 million, a difference of about 3.1 times. ### Which data point appears to be behind the “3x” claim? May 21 is the cleanest match for the “3x” language circulating on May 23. Farside’s Ethereum table listed total net flow of negative $32.6 million for May 21, while a Bitcoin flow tracker using the same market-day convention showed negative $100.8 million for May 21. That makes Bitcoin’s outflow a little more than three times Ether’s on that day. (farside.co.uk) May 22 does not fit the same ratio. Farside’s Ethereum table showed net outflows of $6.6 million on May 22, while Bitcoin products posted net outflows of $105.5 million, according to the Bitcoin tracker result surfaced in search. That is a much wider gap than three times. ### Was Ether actually taking in money while Bitcoin lost money? The recent sessions in the public tables do not show that consistently. (farside.co.uk) Farside’s Ethereum page shows a run of negative daily totals from May 12 through May 22, including negative $130.6 million on May 12, negative $62.3 million on May 19 and negative $6.6 million on May 22. Bitcoin’s recent pattern was weaker in absolute dollar terms. (farside.co.uk) The Bitcoin tracker result for May 19 through May 22 showed net outflows of $331.2 million, $70.5 million, $100.8 million and $105.5 million, respectively, after a positive $131.8 million on May 14. That means the social-media comparison was less about Ether posting strong inflows than about Bitcoin funds seeing larger withdrawals over the same stretch. ### Which funds were driving the moves? BlackRock and Fidelity products were among the named funds in both categories. On Ethereum, Farside’s table shows ETHA down $38.0 million on May 21 while FETH added $2.1 million, leaving the group at negative $32.6 million overall. On May 22, ETHA lost $5.6 million and ETHB lost $1.0 million. On Bitcoin, the search result breakdown showed IBIT down $104 million on May 21 and $69 million on May 22, with smaller offsets elsewhere. (cryptosignalapp.com) On May 19, IBIT alone accounted for negative $326 million of the category’s negative $331.2 million total, according to that tracker. ### How should readers treat the “3x” line? The ratio is a snapshot, not a standing rule. (farside.co.uk) Farside’s Ethereum table and other public trackers show daily ETF flows move sharply from one session to the next, and the comparison changes depending on whether a reader is looking at May 21, May 22 or a longer run. CoinGlass, in a market snapshot last updated May 21, also showed both categories in outflow territory that day, with Bitcoin ETFs at negative $105.2 million and Ethereum ETFs at negative $6.6 million in its aggregate table. (cryptosignalapp.com) That separate data point supports the broader conclusion that Bitcoin products were under heavier pressure, even if it does not reproduce the exact “3x” ratio for every day. (farside.co.uk) ### What should investors watch next? Farside Investors updates its U.S. Bitcoin and Ethereum ETF tables by trading day, with issuer-by-issuer figures for funds including BlackRock’s IBIT and ETHA, Fidelity’s FBTC and FETH, and Grayscale products. The next useful check will be the next U.S. market-session update, which will show whether Ether funds continue to lose less money than Bitcoin funds or whether the gap closes. (farside.co.uk) (coinglass.com)