An ETF analyst says that US-based exchange-traded fund (ETF) spot Bitcoins and Ethers have just recorded their highest combined weekly trading volume.
“Biggest week ever for them, thanks to Ether ETFs stepping up big,” ETF analyst Eric Balchunas said In an X-post on Friday.
Ether ETFs was “asleep” Balchunas says that it will take 11 months to complete the project.
“Ether ETFs’ weekly volume was about $17b, blowing away record, man did it wake up in July,” Balchunas said.
Bitcoin (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’s price has dropped by 5.52%, or $117,659 since its high on Thursday. Ether is now trading for $4,486 down by 6.20%.
However, MN Trading Capital founder Michael van de Poppe said, “There’s way more to come for this cycle.”
Ether-based ETFs have taken a turn for the worse
The net flows into spot Ether ETFs were the highest ever on Monday. all funds totalling $1.01 billion. In the first 2 weeks of August there were more than $3 billion in net inflows The second best month ever for the company.
Balchunas stated that it is almost like Ether ETFs are “asleep” For the last 11 months, “then crammed” One year of activities in six weeks.
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.
The recent surge in Ether prices is being compared to the post-ETF Bitcoin rally.
The move that you are about to make is similar to this BTC ETF launches when Van de Poppe stated that Bitcoin continues to rise. adding, “The ETFs have a massive impact and there’s a lot to come for Altcoins.”
Some analysts caution that Ether will not reach a record high until investors are patient.
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
