According to an ETF Analyst, US spot Bitcoin and Ether ETFs just had their best combined week in terms of trading volume.
“Biggest week ever for them, thanks to Ether ETFs stepping up big,” ETF Analyst Eric Balchunas said On Friday, X posted a message.
Ether ETFs are a new type of exchange-traded fund. “asleep” Balchunas has been in the workplace for eleven months.
“Ether ETFs’ weekly volume was about $17b, blowing away record, man did it wake up in July,” Balchunas said.
Bitcoins (BTCEther (ETH) came close to reclaiming its November 2021 high of $4,878 on the same day, reaching $4,784 — just 1.94% below — according CoinMarketCap is a great place to start.
Bitcoin is down 5.52% since Thursday’s high of $117 659. Ether, on the other hand, has declined 6.20%, from Thursday’s high trading at $4 486.
However, MN Trading Capital founder Michael van de Poppe said, “There’s way more to come for this cycle.”
The Ether ETFs are on a steep rise
Inflows across all spot Ether-based ETFs reached their highest level ever Monday. all funds totalling $1.01 billion. Over the first two week of August they recorded more than $3 billion in net inflows This is their best monthly performance yet.
Balchunas stated that it is almost like Ether ETFs are “asleep” The past 11 months have been a busy time for me. “then crammed” Six weeks of work can equal a year.
Ether ETFs saw a lackluster initial demand. This led to speculations that Wall Street has yet to come up with a good use for this asset.
Related: Ether bull flag targets $6K as ETH supply on exchanges falls to 12%
Bitcoin ETFs also hit new records of $73,679, just two years after their initial launch in January 2024.
Analysts now draw parallels between Ether’s recent price rise and Bitcoin’s post ETF rally.
The move that you are about to make is similar to this BTC ETF launches when “Bitcoin continued to climb,” van de Poppe reported. adding, “The ETFs have a massive impact and there’s a lot to come for Altcoins.”
Analysts warn investors to be patient until Ether hits a new high.
Nansen analyst Jake Kennis said in comments Cointelegraph has been informed by a source that a new Ether record high may not be far away. ETH is currently only a couple hundred dollars from a potential new price.
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Source: cointelegraph.com
