Ether exchange-traded funds (ETFs) have seen more money from investors than their Bitcoin counterparts since Nov. 22, as Ethereum’s decentralized finance (DeFi) ecosystem scored a key victory in a US court this week.

Spot Ether ETFs took in $224.9 million in net inflows over the four trading days between Nov. 22-27, while spot Bitcoin ETFs tallied $35.2 million in net inflows due mainly to a heavy day of outflows on Nov. 25, Farside Investors data showed.

This followed an almost 8% Ether ( ETH ) price rally to more than $3,590 over the past seven days.

An industry executive attributed the price gain to Ethereum-based Tornado Cash’s recent court victory in the United States, along with reports that crypto advocate Paul Atkins may replace Gary Gensler and lead a more crypto-friendly Securities and Exchange Commission (SEC).

Ether ETFs are beating their Bitcoin counterparts amid recent ETH rally image 0

Spot Ether ETF flows since Nov. 11. Source: Farside Investors

Depending on how the Nov. 29 trading day goes, it could be the first week that the US Ether funds beat spot Bitcoin ETFs in net inflow. 

ETH to BTC price ratio rises 

Over the past seven days, Ethereum has increased 7.7% to $3,590 while Bitcoin ( BTC ) has fallen 2% to $96,780 — bringing the ETH to BTC price ratio back up to 0.037 BTC.

Despite the recent slowdown, spot Bitcoin ETFs have still had a record-breaking month with more than $6.2 billion of net inflows in November — which includes an eye-popping $3.1 billion of inflows last week.

Markus Thielen, 10x Research founder, said crypto privacy mixer Tornado Cash’s partial court victory likely contributed to Ethereum’s price rally as it is the dominant decentralized finance (DeFi) chain.

Reports that former SEC commissioner and crypto advocate Paul Atkins is the frontrunner to replace Gary Gensler as the SEC’s chair may have also benefited Ethereum, according to Thielen, who said:

“This underperformance was previously justified before the U.S. Presidential election, but with expectations of a more favorable regulatory environment, it now presents a potential opportunity.”

Related: Ether price faces correction before rally to $20K in 2025 — Analysts

President-elect Donald Trump and his sons would benefit from a more robust DeFi ecosystem because of their involvement in DeFi protocol World Liberty Financial, Thielen said.

“[This] sends a strong signal of a potential DeFi renaissance under a Trump presidency.”

Ethereum could also be viewed as a “catch-up trade,” as it has lagged behind Bitcoin and Solana ( SOL ) so far in this bull cycle, Thielen added.

Meanwhile, leveraged spot Ether ETF demand has increased 160% since Trump’s election victory, K33 Research noted on Nov. 28.

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