Global flows into Bitcoin and Ethereum ETFs hit an all-time high last week—but it isn’t BTC that can take the credit.

A new CoinShares report says “Ethereum stole the show,” with institutional demand for the world’s second cryptocurrency rising after solid price gains.

Total inflows into ETH products stood at $2.2 billion in the week to July 19, a huge influx considering the year-to-date total stands at about $6.2 billion. It’s also close to double the previous record of $1.2 billion.

The global figures also show that Bitcoin and Ethereum inflows were practically neck and neck as investors chase healthier returns.

While BTC did hit a fresh all-time high of $123,000 last Monday, it’s been relatively flat as altcoins enjoy a resurgence. ETH’s price has jumped by 25% over the past week, and remains about $1,000 away from a record of $4,891 set in November 2021.

According to CoinShares, digital asset investment products have now seen inflows for 14 weeks running, with total assets under management reaching $220 billion.

The surge in popularity for ETH funds follows a pretty sluggish debut last summer. At the time, a report from crypto trading firm Wintermute warned “the absence of a staking mechanism” may diminish the appeal of ETFs launched by the likes of BlackRock. Recently, the BlackRock asked the SEC to reconsider allowing it to stake a portion of the ETH it holds in its iShares Ethereum Trust.

This latest data also underlines how important institutional inflows have become to Bitcoin’s value continuing to rise, with the biggest digital asset by market capitalization currently trading at $118,244 and down 2.8% on the week.

Recent research from the London-based custody firm Copper shows BTC’s price increases by an average of 1.8% for every 10,000 coins added to ETF holdings.

While analysts noted that BTC ETFs have accumulated 165,000 coins since market lows back in April, they warned slower trading in the summer months may affect momentum.