Here’s a tighter, more polished rewrite:

This isn’t a broad market rally. Bitcoin is up about 4% over the same stretch, while solana, TRON, and hyperliquid have all declined.

Ether is the only major crypto showing notable momentum this week, and its outperformance isn’t fully explained by the softer U.S. inflation data that lifted markets on Tuesday.

By Thursday, ether was trading near $1,920, up 2.2% on the day and roughly 11% over the past week, with a market cap around $231 billion and about $12 billion in daily volume. Bitcoin hovered near $64,600, down 0.3% on the day but still up 4.2% for the week. Beyond those two, most assets are trending lower.

Solana has slipped 1.1% to $77 and remains down on the week. TRON fell to $0.32, losing 1.6% over seven days, while hyperliquid’s HYPE dropped 1.8% to $66, down 1.7%. XRP, BNB, and dogecoin each posted gains of just over 2% — far behind ether’s performance.

Two key factors appear to be driving ether’s strength.

First, U.S. spot ether ETFs have seen a rebound in inflows. Data from SoSoValue shows $96 million entered these funds in the first three days of the week, already surpassing last week’s total of $84 million. This follows a stretch of outflows in late June, including $82 million pulled on June 25.

Bitcoin ETF flows, by contrast, remain erratic. Funds saw $424 million exit on July 13, followed by $181 million returning the next day — a pattern more consistent with short-term trading than sustained institutional allocation.

As a result, ether demand is highly concentrated. Of the $53.8 million in inflows on Wednesday, BlackRock’s ETHA fund accounted for $45.3 million, with its smaller ETHB fund adding $4 million. The remaining ETF products split less than $5 million combined.

Meanwhile, Grayscale’s original ether trust — which charges a 2.5% fee compared to BlackRock’s 0.25% — has recorded $5.3 billion in total outflows since launch.

Ether has also gained a new source of demand. Robinhood Chain, the brokerage’s layer-2 network launched on July 1, uses ether for gas fees and settles transactions on Ethereum. It is already processing more than $800 million in daily decentralized exchange volume, much of it tied to memecoin activity.

Despite the choppy ETF flows, bitcoin itself remains relatively stable. Nansen data shows steady exchange outflows even as tensions in the Middle East escalate, with no meaningful shift into stablecoins — typically a signal that investors are stepping back.

Funding rates are near neutral, suggesting that the highly leveraged long positions behind June’s liquidation wave have largely been cleared. Bitcoin dominance currently stands at 58.3%.