It has almost become a refrain: crypto ETFs are smashing records again. Yet, once more, we find ourselves raising our eyebrows. Why? Because this time, incoming flows are accompanied by a strange calm. So, is this an acceleration or just a frenzy? When numbers dance, it’s better to keep an eye on the engines.

Bitcoin and Ethereum: The Giants’ ETFs Collect Millions Without Stirring Dust

The Blackrock-Fidelity duo continues to spin its web over the crypto markets. Their Bitcoin ETFs and Ethereum ETFs are filling up.

IBIT (Blackrock) pulled in $164.64 million in one day. FBTC (Fidelity) is not left behind with $66.05 million. The same tune plays on the Ethereum side: Blackrock’s ETHA nets $53.21 million, followed by Fidelity’s FETH with $8.9 million.

In this momentum, even Grayscale with its Mini Trust is nibbling on $6.22 million. Meanwhile, outflows are marginal: -$10.21M for GBTC, -$10.07M for ARKB. Nothing darkening the picture.

Glassnode’s tweet signals a less cheerful outlook: “Summer calm is here. Bitcoin approaches $110,000, but volumes are drying up.”

And for good reason: the traded value remains massive — $2.89 billion for Bitcoin ETFs, $397.23 million for those of Ethereum — but market signals contradict this apparent dynamism. A major share of this activity comes from concentrated institutional flows, especially at Blackrock and Fidelity. A structurally unbalanced frenzy may be hiding behind this shiny surface.

While ETFs expand, real activity is flagging. A sort of “summer lull” has settled in, as Glassnode has pointed out. It’s no mere impression.

Alex Kuptsikevich, analyst at FxPro, warns: “BTC continues to be pushed back towards $110,000. […] Sellers are just as active.”

We are witnessing a torn crypto market: silent accumulation or fear of the void? Even if the total market cap climbs 1.8% over the week, it fell 0.6% in 24h, reaching $3.35 trillion. Nothing trivial.

Key numerical benchmarks:

• $226 million inflows on Ethereum products this week;
• $22 million for Solana, $11 million for XRP;
• 12 consecutive weeks of positive net flows (CoinShares);
• Bitcoin spot volumes: $5.02 billion, lowest in a year;
• Futures volumes: $31.2 billion, also declining.

Ethereum therefore appears to be one of the few altcoins maintaining pace. But the shadow of a quick reversal looms. A word from Trump on tariffs and markets tremble. Bitcoin, meanwhile, remains stoic at $108,700, as if it had taken a liking to playing the safe haven role.

We remain optimistic about the continuation of this trend despite short-term volatility. Han Xu,

HashKey Capital

Crypto ETFs continue their ascent, but the engines are slowing down. Meanwhile, on the altcoins side, a grain of sand comes to spoil the party: the SEC requests a review of the files for the Solana ETF. Definitely, the summer is anything but quiet.