Institutional flows across the top two crypto assets have been pretty split this cycle.

According to SoSoValue data, Bitcoin [BTC] ETFs have pulled in $2.44 billion in net inflows this April, adding to March’s $1.32 billion. On the contrary, Ethereum [ETH] ETFs are lagging, bringing in about $540 million in net inflows. To put that in perspective, BTC ETFs have attracted nearly 4.8x more capital than ETH ETFs.

On the charts, the impact is pretty clear. Bitcoin has been up about 13.5% in April, which is roughly 1.5x Ethereum’s performance over the same period. Because of that, the ETH/BTC ratio has already slipped about 3.15% so far in Q2, extending the weakness from the previous two quarters.

In this context, calling…