This month, analysts have repeatedly pointed to multiday inflows into the U.S.-listed crypto exchange-traded funds as evidence of the return of institutional demand. Zoom out, though, and the institutional story still looks bleak.

Bitcoin spot ETFs have pulled in just $205 million in net inflows in July, the lowest monthly total on record, according to SoSoValue data. While there are still two trading days left, the figure marks anemic recovery from the heavy red ink of prior months, which saw $2.43 billion exit in May and $4.52 billion in June.

Ether has fared somewhat better. ETH ETFs have attracted $342.85 million in July, almost as much as in April and outperforming bitcoin and other crypto funds. XRP is on track for a fourth consecutive month of inflows, though the sum remains a paltry $13.61 million. Solana ETFs sit at $13.82 million.

Together, the numbers paint a picture of limited institutional appetite at best. Ether’s stronger haul is consistent with its price performance against bitcoin. The Binance-listed ether-bitcoin pair has surged by 11% this month.