According to an ETF analyst, spot Bitcoin and Ethereum exchange-traded funds (ETFs) based in the U.S. just recorded their strongest trading week ever.
"This is their largest week ever, thanks to massive participation in the Ethereum ETF," ETF analyst Eric Balchunas stated on Friday on the X social platform.
The Ethereum ETF had been 'asleep' for 11 months, says Balchunas
"The weekly trading volume for the Ethereum ETF is about $17 billion, breaking records; it really 'woke up' since July," Balchunas said.
In the same week, Bitcoin reached its historical high of $124,000 on Thursday, while Ethereum approached its November 2021 peak, reaching $4,784, just 1.94% lower than $4,878, according to CoinMarketCap data.
Since Thursday, Bitcoin has fallen 5.52% from its historical high, trading at $117,659, while Ethereum has dropped 6.20% from Thursday's peak, trading at $4,486.
Michael van de Poppe, founder of MN Trading Capital, said, "There are still many changes in this cycle."
Ethereum ETF sees sharp growth
On Monday, the spot Ethereum ETF recorded its largest net inflow day ever, with total fund inflows reaching $10.1 billion. In the first two weeks of August, net inflows into the spot Ethereum ETF exceeded $3 billion, marking its second strongest quarterly performance.
Balchunas noted that it feels like the Ethereum ETF has been 'asleep' for the past 11 months and then suddenly exploded with activity in six weeks.
Despite the market's anticipation for the launch in July 2024, initial demand for the Ethereum ETF was tepid, sparking speculation that Wall Street has yet to clearly identify the asset's use.
Meanwhile, Bitcoin reached a new high of $73,679 just two months after the ETF launched in January 2024.
Analysts are now comparing Ethereum's recent price surge to Bitcoin's post-ETF rise. "This trend is similar to Bitcoin's continuous rise after the launch of the Bitcoin ETF," van de Poppe added, stating that ETFs have a huge impact on the market and there's still a lot of room for growth.
However, some analysts warn investors to be patient before Ethereum hits a new high.
Nansen analyst Jake Kennis stated in comments shared with Cointelegraph that although ETH is just a few hundred dollars away from a new record, it may take weeks or even months to reach that new high.
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