Bitcoin ETF redemptions have surpassed $1.2 billion over the past three days as Ethereum ETFs marked their 12th day in the green on Monday. Analysts see this as BTC fund investors using recent all-time high prices to take profits while institutional momentum keeps building for ETH.

Bitcoin ETFs saw $268 million in outflows on Monday, according to data from Farside Investors.

“In contrast, Ethereum [funds] recorded $78 million in inflows, marking a 12-day streak totaling $634 million—the strongest accumulation trend since ETF approval,” wrote BRN analyst Valentin Fournier. “This flow divergence highlights growing institutional interest in ETH, while suggesting sustained profit-taking on BTC, especially as retail demand stays muted.”

Ethereum co-founder and Consensys founder and CEO Joseph Lubin sent another celebratory message about publicly traded gaming company SharpLink Gaming, which completed a $425 million investment round that it will use to fuel its new Ethereum treasury reserve. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

“Soon, stablecoins will replace dollars in global settlement. Public markets are beginning to understand this. We’re proud to lead a $425 million private placement into SharpLink ($SBET) to bring Ethereum exposure to traditional capital markets,” he wrote on X.

It’s worth pointing out, though, that SBET has had a rocky start as an Ethereum treasury company. Its share price peaked at $105.59 on Friday, slid to $46.34 yesterday and has now rebounded 29% to $71.60 at the time of writing.

Meanwhile, Ethereum has risen above $2,600 and is currently trading 4.5% higher than it was this time yesterday, according to CoinGecko data. By contrast, Bitcoin has gained 1.8% since yesterday and is currently changing hands for just over $106,000.

Looking at the bigger picture, BRN’s Fournier added that market momentum still remains fragile.

“With clear signs of rotational flows into altcoins, we are maintaining a high-risk allocation and tilting further into outperforming assets,” he wrote.

But specifically for Ethereum, GSR analyst Carlos Guzman said the roadmap for the layer-1 has been inspiring more confidence among investors.

He alluded to Ethereum Foundation co-director Tomasz K. Stańczak saying that the network will grow tenfold in the next year—a sentiment that was echoed by none other than Ethereum co-founder Vitalik Buterin.

“There was a lot of criticism about [Ethereum] moving slowly and that the layer-2 roadmap not being at the best for it,” Guzman told Decrypt. “[The Ethereum Foundation] really shifted their dynamic and communication to prioritize at the L1 layer. Still definitely supporting L2s, but maybe giving more of a little bit of attention as well for the L1.”

Decrypt reporter André Beganski contributed to this report.

Edited by Andrew Hayward