Bitcoin and Ether ETFs Achieve Record $40 Billion Trading Volume
This week, US spot Bitcoin and Ether ETFs experienced record trading volumes, particularly due to a surge in Ether funds.
Key Highlights
- Ether ETFs recorded approximately $17 billion in weekly trading volume.
- A single-day net inflow for Ether ETFs reached $1 billion.
- In the first two weeks of August, Ether funds attracted over $3 billion.
- Spot Bitcoin and Ether ETFs achieved a combined volume of $40 billion this week.
Price Movements
- Bitcoin peaked at $124,000, then fell over 5% to around $117,648.
- Ether approached its November 2021 high, reaching $4,787 before dropping 6.15% to about $4,475.
Market Comparisons
- Analysts compare current Ether ETF activity to last year's Bitcoin ETF rush, which saw Bitcoin prices hit $73,680 shortly after launch.
- Market participants express mixed feelings; some anticipate further gains while others advise caution regarding potential volatility.
The influx into Ether ETFs may influence future price trends for both Bitcoin and Ether, marking a significant period in crypto trading history.