US-based spot Bitcoin and Ether exchange-traded funds (ETFs) simply logged their strongest week of mixed buying and selling quantity but, based on an ETF analyst.
“Biggest week ever for them, due to Ether ETFs stepping up massive,” ETF analyst Eric Balchunas mentioned in an X put up on Friday.
Ether ETFs have been “asleep” for 11 months, says Balchunas
“Ether ETFs’ weekly quantity was about $17b, blowing away file, man did it get up in July,” Balchunas mentioned.
It got here the identical week Bitcoin (BTC) reached a brand new all-time excessive of $124,000 on Thursday, whereas Ether (ETH) got here near reclaiming its November 2021 excessive of $4,878 on the identical day, reaching $4,784 — simply 1.94% beneath — in accordance to CoinMarketCap.
Since Thursday, Bitcoin has fallen 5.52% from its all-time excessive, buying and selling at $117,659, whereas Ether has dropped 6.20% from its Thursday excessive, buying and selling at $4,486.
However, MN Trading Capital founder Michael van de Poppe mentioned, “There’s far more to return for this cycle.”
Ether ETFs take a pointy flip
On Monday, spot Ether ETFs recorded their greatest day of internet inflows ever, with flows throughout all funds totalling $1.01 billion. Across the primary two weeks of August, they’ve recorded greater than $3 billion in internet inflows marking their second-strongest month-to-month efficiency thus far.
Balchunas mentioned it was nearly as if Ether ETFs have been “asleep” for the previous 11 months and “then crammed” one yr’s value of exercise into six weeks.
While there was pleasure forward of their July 2024 launch, Ether ETFs initially noticed lackluster demand, sparking hypothesis that Wall Street had but to discover a clear use case for the asset.
Related: Ether bull flag targets $6K as ETH provide on exchanges falls to 12%
Meanwhile, Bitcoin ETFs reached new highs of $73,679 simply two months after launching in January 2024.
Analysts are actually drawing parallels between Ether’s current worth surge and Bitcoin’s post-ETF rally.
“This transfer is akin to the BTC ETF launch, when Bitcoin continued to rally upward,” van de Poppe mentioned, including, “The ETFs have an enormous impression and there’s quite a bit to return for Altcoins.”
However, some analysts warn that buyers have to be affected person earlier than Ether reaches a brand new all-time excessive.
Nansen analyst Jake Kennis mentioned in feedback shared with Cointelegraph {that a} new all-time excessive for Ether could also be weeks or months away, regardless of ETH presently sitting just a few hundred {dollars} off a brand new file worth.
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