ETH/BTC ETF Cumulative Flow Ratio
Ratio of cumulative flows into US spot ETH ETFs to cumulative flows into US spot BTC ETFs, clipped to the 0-1 range. The 0.15 and 0.05 markers are descriptive levels chosen by Trinity to situate the ratio against its own history; they carry no forecast about relative prices. The ratio compares two cumulative totals and does not measure what caused the flows or any rotation between the two assets.
What is it?
This ratio compares the cumulative capital flows into US Ethereum spot ETFs with those into US Bitcoin spot ETFs. The formula is cumulative_ETH_ETF_USD / cumulative_BTC_ETF_USD, clipped to a 0-1 range. The 0.15 and 0.05 markers are descriptive levels chosen by Trinity: 0.15 marks a higher ETH share of the two cumulative totals, 0.05 a lower one. The ratio compares two cumulative totals whose launch dates differ by six months; it does not measure allocator intent or a shift between the two assets.
How to read
The horizontal axis is time. The vertical axis is the cumulative flow ratio, bounded 0 to 1. The 0.05 and 0.15 lines are reading markers: they situate the ratio against its own observed range, without defining regimes. The BTC overlay on the left axis can be toggled to compare the ratio level with the BTC price over the same dates.
Key zones
• Below 0.05: the cumulative ETH flow represents less than 5% of the cumulative BTC flow over the compared history • 0.05 to 0.15: the ratio sits between the two reading markers • Above 0.15: the cumulative ETH flow represents more than 15% of the cumulative BTC flow • At 1: the quotient of the two cumulative flows is 1 or more; the series is clipped at 1 and cannot show more, so a point at 1 does not mean the two totals are equal • At 0: the quotient is zero or negative, for example when the cumulative ETH flow is zero or negative; the series is clipped at 0 • The markers are descriptive levels, not regime boundaries
What to observe
• The level of the ratio on each date and its change from one date to the next • Crossings of the 0.05 and 0.15 markers, read as changes of level • Whether the ratio rises, falls or stays flat over the window selected in the chart • The share that the six-month launch gap gives to BTC in the denominator • The BTC overlay, compared with the ratio on the same dates, without deducing an order between the two
Historical context
US spot BTC ETFs began trading in January 2024; US spot ETH ETFs in July 2024, six months later. The ratio can only be computed once both cumulative series exist, so it starts in July 2024. On that date the ETH cumulative flow starts from zero while the BTC cumulative flow already contains six months of flows, which keeps the ratio low at the start by construction; it then moves with the relative size of the two cumulative totals. Launch dates are historical facts; no episode or cause is added to them by the calculation.
Expert notes
The ratio divides two cumulative totals, so the same daily flow moves it less as the totals grow. The 0-1 clipping bounds the series but does not make two windows comparable. The six-month launch gap means the denominator includes flows that have no ETH counterpart over the same dates. The series is a quotient of two sums: it does not measure allocation intent, a preference between the two assets, or a shift from one to the other.
Common mistakes to avoid
A high ratio = ETH outperforming BTC ❌. The ratio compares two cumulative flow totals, not two prices. A low ratio = one asset dominating the other ❌. The denominator starts six months earlier, so part of its size comes from that gap. A ratio level = allocator intention or a shift ❌. The series is a quotient of two sums and says nothing about why the flows occurred. Two ratio levels from windows of different length are not comparable without saying so: both totals change over time, upward with inflows and downward with outflows.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/macro-intelligence/metrics/macro-eth-btc-etf-flow-ratio-rotation/data?timeframe=90d' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "macro-eth-btc-etf-flow-ratio-rotation",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.