An ETF analyst says that US-based exchange-traded fund (ETF) spot Bitcoins and Ethers have just recorded their highest trading volume ever.
“Biggest week ever for them, thanks to Ether ETFs stepping up big,” ETF analyst Eric Balchunas said On Friday, a X was posted.
Ether ETFs are a new type of exchange-traded fund. “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’s arrival was the same as that of 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.
Bitcoin’s price has fallen by 5.52%, or $117.659 since the high on Thursday. Ether is now trading for $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. In the first two week of August, ETFs that track spot Ether were 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” One year of activities in six weeks.
Ether ETFs were initially not well received, despite the excitement surrounding their launch in July 2024. Wall Street was rumored to have yet found a use case for this asset.
Related: Ether bull flag targets $6K as ETH supply on exchanges falls to 12%
Bitcoin ETFs have also reached a new peak of $73,679, just two months since their 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 despite Ether currently being just a few hundred dollar off a potential new record, a new price high could come in a matter of weeks or months.
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Source: cointelegraph.com
