Cryptocurrency markets pushed higher on Thursday, with bitcoin climbing back above $77,000 even as exchange-traded fund flows revealed a striking divergence in where institutional capital is heading. While spot bitcoin funds continued to attract meaningful inflows, ether and XRP products extended their losing streaks, and a single Zcash fund posted its strongest daily intake yet.

U.S. spot ether ETFs recorded roughly $39 million in net outflows on Thursday, marking a third straight day of withdrawals, according to SoSoValue. The bleeding has been accelerating through the week: about $141 million left the funds on Tuesday, followed by $224 million on Wednesday. Despite the exodus from the vehicles, ether itself gained 2% over the same…