It was the highest-ever weekly trading volume for Bitcoin and Ether ETFs, largely due to Ether ETFs “stepping up big,” says an ETF analyst.
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US-based spot Bitcoin and Ether exchange-traded funds (ETFs) just logged their strongest week of combined trading volume yet, according to an ETF analyst.
“Biggest week ever for them, thanks to Ether ETFs stepping up big,” ETF analyst Eric Balchunas in an X post on Friday.
Ether ETFs were “asleep” for 11 months, says Balchunas
“Ether ETFs’ weekly volume was about $17b, blowing away record, man did it wake up in July,” Balchunas said.
It came the same week Bitcoin () reached a new all-time high of $124,000 on Thursday, while Ether () came close to reclaiming its November 2021 high of $4,878 on the same day, reaching $4,784 — just 1.94% below — to CoinMarketCap.
Since Thursday, Bitcoin has fallen 5.52% from its all-time high, trading at $117,659, while Ether has dropped 6.20% from its Thursday high, trading at $4,486.
However, MN Trading Capital founder Michael van de Poppe , “There’s way more to come for this cycle.”
Ether ETFs take a sharp turn
On Monday, spot Ether ETFs recorded their biggest day of net inflows ever, with flows across . Across the first two weeks of August, they’ve recorded marking their second-strongest monthly performance to date.
Balchunas said it was almost as if Ether ETFs were “asleep” for the past 11 months and “then crammed” one year’s worth of activity into six weeks.
While there was excitement ahead of their July 2024 launch, Ether ETFs initially saw lackluster demand, sparking speculation that Wall Street had yet to find a clear use case for the asset.
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Meanwhile, Bitcoin ETFs reached new highs of $73,679 just two months after launching in January 2024.
Analysts are now drawing parallels between Ether’s recent price surge and Bitcoin’s post-ETF rally.
“This move is comparable to theBTC ETF launch, whenBitcoin continued to rally upward,” van de Poppe said, , “The ETFs have a massive impact and there’s a lot to come for Altcoins.”
However, some analysts warn that investors must be patient before Ether reaches a new all-time high.
Nansen analyst shared with Cointelegraph that a new all-time high for Ether may be weeks or months away, despite ETH currently sitting only a few hundred dollars off a new record price.
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