Crypto Quill

Bitcoin’s got its swagger back.

Over the last ten trading days, U.S.-based Bitcoin ETFs have been quietly stacking up gains, raking in consistent net inflows. On March 27 alone, the sector pulled in a chunky $89 million. Fidelity’s FBTC carried the biggest bag, while other funds like Invesco’s BTCO actually saw money walk out the door. It’s a mixed bag—but one that’s clearly heavier on the Bitcoin side.

Ethereum? Not so lucky. Since February 20, it’s been bleeding funds steadily. The two biggest names in crypto seem to be drifting in opposite directions—and investors are picking sides.

Fidelity Leads the Pack, but It’s Not a Clean Sweep

Fidelity’s spot Bitcoin ETF, known as FBTC, is quickly establishing itself as a favorite.

That March 27 haul? Fidelity alone pulled in over $70 million of it. Other players like BlackRock’s IBIT followed, though with less impressive numbers. The overall vibe among investors seems bullish, but not across the board.

Some ETFs, like Invesco’s BTCO, saw outflows instead. That raises eyebrows.

• Fidelity FBTC: +$70M net inflow

• BlackRock IBIT: +$20M net inflow

• Invesco BTCO: -$8M net outflow

It’s not just about Bitcoin. It’s also about trust in the managers, expense ratios, and how well these funds are tracking the asset.

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Ethereum’s Outflows: A Persistent Slide Since February

Ethereum’s performance has been anything but encouraging for ETF investors.

Since February 20, Ethereum-focused products have seen outflows nearly every week. Confidence seems shaken, despite the asset’s long-term use case and developer community.

Investors might be spooked by delays in Ethereum ETF approvals, or simply prefer the “safety” of Bitcoin amid macro uncertainty.

Some even think Ethereum’s complexity is working against it. It’s harder to understand, harder to justify in a portfolio built around digital gold.

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The contrast with Bitcoin is getting harder to ignore.

Market Jitters, But Bitcoin Holds the Line

Geopolitical noise, central bank anxiety, recession fears—you name it, the market’s got it.

And yet, Bitcoin is holding up. In fact, it’s thriving. Part of that is timing. Part of it is narrative.

Investors see Bitcoin as digital gold again—something solid, something that can take a hit and keep going. That narrative always gains traction during rocky times.

Meanwhile, Ethereum still feels more speculative, less proven as a store of value.

There’s a strong chance institutions are leading this BTC ETF wave, which means the “big money” prefers the simpler play right now.

Table: Bitcoin vs Ethereum ETF Net Flows (March Snapshot)

Here’s how March has played out so far, in hard numbers.

That’s four days. Four very telling days.

What’s Fueling the Bitcoin Bias?

A few key factors are shaping this split.

First, Bitcoin’s reputation as the original, most established crypto asset still carries weight. Second, its limited supply and simple structure make it easier for institutional portfolios to absorb.

Finally, there’s regulatory clarity. Bitcoin has it. Ethereum? Still wading through gray areas.

Some investors are just tired of trying to explain gas fees and staking yields.

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Will Ethereum Catch Up?

It’s too early to count Ethereum out.

There’s talk of Ether ETF approvals coming later this year. If that happens, it could flip the script fast. Ethereum also has the advantage of a more active developer ecosystem and use-case diversity.

But for now, sentiment rules. And sentiment is clearly favoring Bitcoin.

Maybe it’s not that Ethereum is weak—it’s just that Bitcoin feels safe again.