Ethereum is experiencing a historic moment in late July 2025. For the first time in over a year, its weekly spot volume has surpassed that of Bitcoin, with USD 25.7 billion compared to BTC's USD 24.4 billion, according to CryptoQuant Cryptonews.
The surge is driven by record institutional inflows into ETFs: in the week up to July 14 alone, they totaled USD 990 million, and in July, they have already exceeded USD 2 billion in accumulated inflows Cryptonewsbitcoinke.io. This has triggered open interest in derivatives to record levels: USD 46 billion, causing a massive short position liquidation and a rally that exceeds 20% in the first half of the month CryptoRankbitcoinke.ioCryptonews.
Meanwhile, firms like BitMine Immersion Technologies have declared having over USD 500 million in ETH in their treasury, and companies like SharpLink Gaming and GameSquare also hold large institutional positions in ETH ─ some already exceeding USD 1 billion ─ backed by investors like Peter Thiel or Cathie Wood Business InsiderNew York PostBusiness Insider.
This strong flow and institutional adoption have brought Ethereum close to the psychological barrier of USD 4,000, reflecting a shift in narrative: ETH is increasingly seen as a productive and strategic asset in corporate finance
