Bitcoin and Ether ETFs just hit a major milestone – their biggest week of trading volume ever.
ETF analyst Eric Balchunas said Friday that the surge was “thanks to Ether ETFs stepping up big.” He noted Ether funds logged around $17 billion in weekly trading volume, smashing previous records after months of quiet activity. “They were asleep for 11 months and then crammed a year’s worth of activity into six weeks,” he wrote.
The record week came as Bitcoin touched a new all-time high of $124,000 on Thursday before pulling back to around $117,600, while Ether climbed as high as $4,784 – less than 2% shy of its 2021 peak – before easing to $4,486.
Monday alone saw spot Ether ETFs rake in $1.01 billion in net inflows, their strongest daily performance yet. Across the first two weeks of August, total inflows topped $3 billion, making it their second-best month since launch.
For comparison, Bitcoin ETFs saw their breakout rally just two months after going live in January 2024, eventually pushing BTC to fresh highs. Analysts are now watching to see if Ether can follow a similar path.
Michael van de Poppe of MN Trading Capital said, “There’s way more to come for this cycle,” while others caution ETH may need more time before breaking new records. Nansen’s Jake Kennis suggested an all-time high could still be weeks or months away.
Either way, the sharp rebound in Ether ETF demand has shifted sentiment. What started as a slow rollout is now turning into a catalyst that could push ETH – and other altcoins – deeper into the spotlight.
