The widening gap between U.S. spot Bitcoin and Ethereum exchange-traded funds came into sharp focus on July 23. According to data from SoSoValue highlighted in the original report, Bitcoin ETFs bled $225 million in net outflows, while Ether funds brought in $26.32 million. It was a day that added fresh weight to the narrative of a slow rotation from the dominant crypto asset to its largest altcoin rival at the institutional level.