- Bitcoin ETFs pulled in $984M daily, signaling strong institutional appetite.
- Ethereum saw $32M in ETF outflows, deepening its lag behind Bitcoin.
- Ted Pillows flags ETH/BTC weakness, citing low RSI and lack of staking yield.
Bitcoin ETFs attracted nearly $1 billion in net inflows on April 24, signaling rising institutional demand for BTC. Meanwhile, Ethereum funds posted sharp outflows, amplifying the contrast in capital allocation across the two leading crypto assets.
Bitcoin ETF Flows Signal Bullish Institutional Trend
Bitcoin exchange-traded funds saw significant accumulation, with ten ETFs bringing in a combined 10,611 BTC, valued at $983.85 million. According to a post by Lookonchain, BlackRock’s iShares led the surge with 6,886 BTC ($638.49M), followed by Fidelity and ARK with strong single-day inflows. Altogether, BTC ETF holdings total 1,136,594 BTC, worth over $105 billion.
This institutional aggressive buying shows growing demand for Bitcoin as a macro hedge and long-term portfolio asset. In addition, trading volumes jumped on all platforms, with Binance having 24,000 BTC move in one hour, a 30% increase compared to the day before. The value of Bitcoin rose 2.3% to $92,650, further establishing bullish momentum in both volume and capital inflow.
Ethereum’s ETF picture told a different story. Nine ETH funds experienced a net outflow of 18,398 ETH, or $32.22 million, underscoring a cooling investor sentiment. BlackRock’s iShares reported 16,954 ETH outflow, while Grayscale and VanEck also saw declines. ETH’s price dropped 1.7% to $1,750, aligning with these withdrawals.
Ted Pillows: ETH/BTC Ratio Signals Structural Risk
While ETF data highlights fund movement, deeper technical patterns point to Ethereum’s weakening relative strength. A key observation from Ted Pillows centers around the ETH/BTC pair, which recently hit one of its most oversold zones in history, with the RSI dropping to 20.87 on a biweekly chart. Price action mirrors 2018’s bear cycle, with a rounded top breakdown leading to new lows.
The analysis from Ted Pillows emphasizes that ETH/BTC recovery is contingent on staking integration into ETH ETFs and macro easing through rate cuts or quantitative easing. He notes that supply is outpacing demand due to decreased ETH burn from slower network activity. Without staking, ETF-based ETH lacks a yield narrative, unlike its core protocol utility, which may explain declining exposure among institutions.
Technical Indicators Reinforce Bitcoin Dominance
Bitcoin’s Relative Strength Index (RSI) stood at 68, suggesting the asset is nearing overbought but still within bullish territory. The MACD showed a clear upward crossover, adding weight to the upward momentum. ETH’s RSI, by contrast, held at 42, with MACD showing bearish divergence, indicating continued price pressure.
Trading volume further supports this divergence. On Coinbase, BTC/USD clocked 12,500 BTC traded in the last hour, compared to ETH/USD’s 8,000 ETH. Moreover, Glassnode data showed a 5% rise in active BTC addresses (to 900,000) versus a 3% drop in ETH’s (down to 600,000). These on-chain shifts mirror ETF sentiment and investor behavior.
