Biggest Week Ever for Crypto ETFs: Bitcoin ATH Meets Ether Surge
According to ETF expert Eric Balchunas, US-based spot Bitcoin and Ether exchange-traded funds (ETFs) just recorded their highest week of combined trading volume to date.
Biggest week ever for them, thanks to Ether ETFs stepping up big. Ether ETFs’ weekly volume was about $17b, blowing away record, man did it wake up in July,
Balchunas
This happened in the week when Thursday saw Bitcoin hit a fresh all-time high of $124,000. On the same day, Ether also hit $4,784, getting closer to its peak of $4,878 in November 2021, according to CoinMarketCap. Ether has declined 3.78% from its Thursday high, trading at $4,461, while Bitcoin has plummeted 5.4% from its all-time high, trading at $117,732.
After 11 Months of Silence, Ether ETFs Suddenly Roar Back to Life
Spot Ether ETFs saw their largest net inflow day ever on Monday, with $1.01 billion flowing across all funds. They have seen net inflows of over $3 billion in the first two weeks of August, which is their second-best monthly performance to date. It was nearly as though Ether ETFs had been dormant for the previous eleven months, and then they compressed a year’s worth of activity into six weeks, according to Balchunas. The initial demand for Ether ETFs was weaker than expected, despite the hype surrounding their July 2024 launch. This led to concerns that Wall Street had not yet identified a strong use case for the asset.
Ethereum Surge Echoes Bitcoin’s ETF Rally, But Caution Remains
Now, analysts are comparing the latest spike in Ether’s price to the post-ETF increase in Bitcoin.
This move is comparable to the BTC ETF launch, when Bitcoin continued to rally upward. The ETFs have a massive impact and there’s a lot to come for Altcoins.
MN Trading Capital founder Michael van de Poppe
But before Ether hits a new all-time high, some analysts caution that investors need to exercise patience. Even though Ether is currently just a few hundred dollars away from a new record price, Nansen analyst Jake Kennis said that a new all-time high might be weeks or months away.
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