US ETFs for Bitcoin and Ether Post Unprecedented Trading Volumes
US-based spot Bitcoin and Ether exchange-traded funds (ETFs) saw their highest combined weekly trading volume to date, signaling increased interest and activity in both digital assets. According to ETF analyst Eric Balchunas, Ether ETFs were a key driver behind the surge, recording a weekly trading volume of about $17 billion, a new record.
Volume Surge Follows Price Highs
The boost in ETF trading came during a significant week for both cryptocurrencies. On Thursday, Bitcoin hit a new all-time high of $124,000, while Ether climbed to $4,784�its highest level since November 2021 and just under 2% below its previous record, according to data from CoinMarketCap.
Despite these milestones, prices corrected later in the week. By Friday, Bitcoin had fallen 5.52% from its peak, trading at $117,659, while Ether dropped 6.2% from its high, trading at $4,486.
Ether ETFs Lead Recent Inflows
Spot Ether ETFs logged their largest net inflow day ever on Monday, capping off a strong two-week period that represents their second-best month since launch. Analysts attribute this recent uptick in activity to renewed interest following a period of subdued trading.
An initial wave of anticipation met Ether ETF launches in July 2024, but early demand was less robust than expected. The recent surge suggests that investor confidence may be returning, mirroring the performance trajectory seen by Bitcoin ETFs earlier in the year.
Analysts See Parallel Trends and Potential
Industry analysts are drawing comparisons between Ether's post-ETF price movement and Bitcoin's surge following its own ETF launches. While some, including Michael van de Poppe, suggest this cycle still has room for further growth, others urge caution. Nansen analysts advise that Ether's next all-time high could still be weeks or months away, despite the recent momentum.
- Spot Ether ETFs logged $17 billion in weekly trading volume, a new record.
- Bitcoin and Ether both reached year-to-date price highs before retreating.
- Analysts see parallels to previous post-ETF rally periods but urge patience for new highs.
The strong performance by both Bitcoin and Ether ETFs underscores a rising appetite for regulated crypto investment products in the United States. Market participants continue to watch inflows and price levels for signs of sustained momentum.
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