ether ($ETH) is leading Bitcoin in a clear rotation, with capital shifting as Bitcoin ETF outflows and Ether funds rise in price.
$ETH Bitcoin is up about 8% in the past 24 hours, compared to 5% for Bitcoin, according to market data from CoinDesk, extending its outperformance to about 4 percentage points over the past week and nearly 9 points over the past month.
According to SoSoValue data, the US Spot Bitcoin ETF recorded net outflows of $325.8 million on April 13, led by $229 million from Fidelity’s FBTC and $63 million from ARK’s ARKB. This decline indicates that the main source of marginal demand for Bitcoin has clearly cooled down.
While daily inflows into the Ether ETF were modest at $7.7 million, weekly inflows rose to $187 million for the period ending April 10. This was the strongest number in 2026 and a sharp reversal from three consecutive weeks of outflows totaling about $308 million. Cumulative inflows reached a record high of $11.68 billion.
At the same time, activity on the Ethereum network is rapidly accelerating. The number of transactions per day rose 41% from the previous week to about 3.6 million, representing a near vertical increase from about 2.5 million on April 10, according to Artemis data. Among the major chains, only Sonic and TON had larger percentage increases, both of which had much smaller locations.
However, the quality of that activity is less clear. Stablecoin transfer volumes on Ethereum have fallen by 42.6% over the same period, and fees have fallen by nearly 50%, indicating smaller transaction sizes and lighter economic throughput.
Bitcoin remains resilient despite outflows, a sign of potential spot support despite falling Bitcoin’s dominant ETF bids, according to Glassnode’s latest weekly report.
So far, Bitcoin has absorbed ETF outflows without breaking out, showing potential spot strength even though momentum indicators indicate it is overbought. Whether the ether setup marks the start of a permanent rotation or a short-lived burst $ETH Capital inflows will be maintained and Bitcoin positions will be unwound without sharp corrections.
It also depends on the quality of activity on the chain. The stablecoin summer of 2025 saw a surge in USDC and USDT transfer volumes, driving Ethereum to record economic throughput and setting the benchmark for a fundamentals-driven bull market that propels Ethereum towards $4,000.
This week’s data points in the opposite direction. Although the number of transactions increased by 41%, stablecoin trading volume decreased by 42.6%, indicating that even as activity increases, the value behind it is decreasing. Closing that gap will make your rotation more durable.
