Ethereum just outpaced Bitcoin with $365 million in ETF inflows, but on-chain data shows the real bottom isn’t in yet

Ethereum outpaced Bitcoin in July as stronger investment-product demand and corporate accumulation powered its first sustained relative advance in months.Data from CryptoSlate shows that ETH gained 19% during the month, climbing as high as $1,970 before retreating to $1,868 as of press time. Bitcoin rose 8% over the same period but repeatedly failed to break the $65,000 level.The divergence pushed the ETH/BTC ratio above 0.030 for the first time in three months before it eased to 0.02962. The pair has risen more than 10% over the past month, reflecting Ethereum’s widening performance advantage.ETH/BTC Ratio (Source: TradingView)The rebound has strengthened expectations that capital is rotating back toward Ethereum after almost a year of underperformance.However, on-chain indicators remain less conclusive, with several measures still short of the levels that accompanied previous reversals against Bitcoin.ETH ETF flows and treasury buying reinforce the moveEthereum’s July advance spread beyond spot markets as regulated funds attracted fresh capital and derivatives traders began rebuilding exposure.US spot Ethereum ETFs recorded $365.17 million in net inflows during the month, their s...