Bitcoin and Ether exchange-traded funds in the United States reached their all-time high weekly trading volumes last week. Combined, the volume reached $40 billion, an all-time high, which was attained largely because of a sudden surge in the trading of Ether ETFs.
ETF analyst Eric Balchunas highlighted that Ether ETFs accounted for $17 billion of the week’s total volume. He noted the sharp rise in participation after months of slow activity, describing the turnaround as a dramatic market awakening.
Spot Ether ETFs welcomed net flows of more than $1 billion on Monday, their one-day largest inflow since inception. In the first two weeks of August, total net flows reached $3 billion+, marking the second-best monthly performance in the history of Ether ETFs.
Ether’s action burst occurred as Bitcoin touched a record high of $124,000 on Thursday before a 5.52% retreat. Meanwhile, Ether almost reached its November 2021 high of $4,878, hitting $4,784 before sliding back down 6.20%.
Bitcoin ETFs Highlight Institutional Crypto Interest
Market watchers likened the rally of Ether to the post-introduction rally of Bitcoin earlier in the year of 2024, which propelled prices considerably upward. Analysts said this move suggests that the ETFs will keep dictating crypto adoption even as they stimulate institutional and retail investor demand.
Despite renewed strength, experts cautioned investors about expecting immediate new highs, urging patience as Ether trades only slightly below record levels. Nansen analyst Jake Kennis emphasized that the timing for Ether’s next all-time high could extend several weeks or months.
Bitcoin ETFs also remained in the spotlight with record prices of $73,679, just months after their introduction in January 2024. This reflected the increasing importance of regulated funds in crypto markets, providing investors with more accessible exposures to top digital currencies.
Though initial trading following the July 2024 approval of Ether ETFs demonstrated restricted interest, recent spikes validate the appetite of investors as having grown significantly. Current participants in the market hold the opinion that ETF-based demand will maintain long-term growth assistance in the Bitcoin, Ether, and other altcoins cycle.
With $40 billion in daily activity, Bitcoin and Ether ETFs have been an indication that institutional trust in crypto commodities is increasing. Last week’s milestone indicates just how much the ETF markets are driving the use of digital currency and the general trajectory of cryptocurrency investing.
