Bitcoin and Ether ETFs post $40B volume in ‘biggest week ever’ 

US-based spot Bitcoin and Ether exchange-traded funds (ETFs) just logged their strongest week of trading volume yet, according to an ETF analyst. “Biggest week ever for them, thanks to Ether ETFs stepping up big,” ETF analyst Eric Balchunas said in an X post on Friday. Ether “was asleep” for 11 months, says Balchunas “Ether ETFs’ weekly volume was about $17b, blowing away record, man did it wake up in July,” Balchunas said.

It came the same week Bitcoin (BTC) reached a new all-time high of $124,000 on Thursday, while Ether (ETH) came close to reclaiming its November 2021 high of $4,878 on the same day, reaching $4,784 — just 1.94% below — according to CoinMarketCap.

Since Thursday, Bitcoin has fallen 5.52% from its all-time high, trading at $117,659, while Ether has dropped 6.20% from its Thursday high, trading at $4,486. However, MN Trading Capital founder Michael van de Poppe said, “There's way more to come for this cycle.” Ether ETFs take a sharp turn On Monday, spot Ether ETFs recorded their biggest day of net inflows ever, with flows across all funds totalling $1.01 billion. Across the first two weeks of August, spot Ether ETFs recorded more than $3 billion in net inflows marking their second-strongest monthly performance to date.

Balchunas said it was almost as if Ether ETFs were “asleep” for the past 11 months and “then crammed” one year’s worth of activity into six weeks.