The days of Ethereum exchange-traded funds playing second fiddle to Bitcoin may be coming to an end.

Investors poured over $720 million into spot Ethereum ETFs on Wednesday, their biggest single-day intake ever by a wide margin.

Ether funds have vacuumed up more than $2 billion over the last week, meaning more than 30% of total net investment since launch have come in last seven days.

The surge marks a “clear acceleration,” ETF Store president Nate Geraci wrote on X, highlighting the massive momentum shift behind investors chasing Ethereum exposure.

It also puts Ethereum products nearly on par with Bitcoin ETFs.

Tuesday’s haul also brought Ethereum ETF flows within striking distance of Bitcoin’s for the day — $720 million versus $800 million. It’s the closest Ethereum has ever come to overtaking Bitcoin in single-day flows.

Key drivers

Momentum around Ethereum has been building steadily over the past few months, driven by a mix of regulatory, structural, and market-cycle tailwinds.

In Washington, House lawmakers advanced a package late Tuesday that sets up final floor votes on key crypto bills, including the Genius Act and potentially the Clarity Act, as early as this week.

Wednesday’s revote to advance the slate of bills won out 217 to 212.

The breakthrough came after several hardline Republican holdouts flipped following a meeting with President Donald Trump to include anti-CBDC language in the broader defence spending bill.

“We had a good meeting with the President,” Republican Rep. Anna Paulina Luna told DL News on Tuesday. “We have come to an agreement that will ensure CBDC is never allowed in the US.”

Meanwhile, traders appear to be shifting their focus from Bitcoin to Ethereum.

With Bitcoin consolidating near record highs, the setup is creating the perfect environment for what former BitMEX CEO Arthur Hayes calls “ETH szn.”

Options traders seem to agree.

Data from Deribit shows a surge in bullish bets on Ether, with open interest clustering at the $4,000 strike for August and moving even higher for September and December expiries.

Crypto market movers

• Bitcoin is even on the day, trading for $118,250.
• Ethereum has gained 8.8% in the past 24 hours and is trading at $3,440.

What we’re reading

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.