US Spot Bitcoin and Ether ETFs Achieve Record Trading Volume
US-based spot Bitcoin and Ether exchange-traded funds (ETFs) have just experienced their most significant week of combined trading volume to date, as noted by an ETF analyst.
“Biggest week ever for them, thanks to Ether ETFs stepping up big,” stated ETF analyst Eric Balchunas in a post on X last Friday.
“Ether ETFs’ weekly volume was about $17 billion, shattering the previous record. Man, did it wake up in July,” Balchunas remarked.
This increase coincided with Bitcoin (BTC) hitting a new all-time high of $124,000 on Thursday, while Ether (ETH) approached its November 2021 peak of $4,878, reaching $4,784—just 1.94% shy of that mark—according to CoinMarketCap.
Since then, Bitcoin has slipped 5.52% from its all-time high and is trading at $117,659, while Ether has seen a 6.20% decline from its Thursday high, now trading at $4,486.
Nonetheless, MN Trading Capital founder Michael van de Poppe suggested, “There’s way more to come for this cycle.”
On Monday, spot Ether ETFs recorded their highest-ever net inflows, amassing a total of $1.01 billion across all funds. In the first two weeks of August alone, they have seen over $3 billion in net inflows, making this their second-strongest monthly performance to date.
According to Balchunas, it felt as though Ether ETFs were “asleep” for the past 11 months and then “crammed” an entire year’s worth of activity into just six weeks.
More Read
Although there was initial enthusiasm prior to their July 2024 launch, demand for Ether ETFs was lower than expected, leading to speculation that Wall Street might not have fully identified a clear use case for the asset.
Related: Ether bull flag targets $6K as ETH supply on exchanges falls to 12%
Meanwhile, Bitcoin ETFs have reached new heights of $73,679 merely two months after their launch in January 2024.
Analysts are now drawing comparisons between Ether’s recent price rally and Bitcoin’s surge following its ETF launch.
“This move is comparable to the BTC ETF launch, when Bitcoin continued to rally upward,” van de Poppe noted, adding, “The ETFs have a massive impact, and there’s a lot to come for Altcoins.”
However, some analysts caution that investors should be patient while waiting for Ether to reach a new all-time high.
More Read
Nansen analyst Jake Kennis shared with Cointelegraph that a new all-time high for Ether could be weeks or months away, even though ETH is currently just a few hundred dollars away from setting a new record price.
Magazine: Altcoin season 2025 is almost here… but the rules have changed
