- Ethereum’s weekly spot trading volume hit $25.7B, overtaking Bitcoin’s $24.4B for the first time in over a year.
- ETH ETFs saw 15 days of inflows totaling $1.39B, while Bitcoin ETFs faced $285M in outflows since July 21.
- Exchange ETH reserves dropped by 3.46%, suggesting reduced sell pressure as traders move to self custody.
For the first time in over a year, Ethereum’s weekly spot trading volume has overtaken Bitcoin’s, a notable change in market outlook. Between July 14 and 20, Ethereum recorded $25.7 billion in spot trades, while Bitcoin followed with $24.4 billion, as per CryptoRank.
This unexpected flip comes as Bitcoin experiences ETF outflows, while Ethereum posts inflows for 14 consecutive trading days. Data shows investors may be rotating capital toward Ethereum, following a stall in Bitcoin’s momentum after its all-time high. These changes coincide with strong ETF activity, shrinking exchange reserves, and surging open interest.
ETF Flows Show Diverging Investor Behavior
Between July 24, Ethereum spot ETFs saw inflows of over 404.23M, suggesting increased institutional activity. This streak has extended for 15 straight trading days, with a fresh $332 million added that day alone.
An additional $1.39 billion in inflows followed from July 21 onward. In contrast, Bitcoin ETFs began with strength, pulling in $2.37 billion. However, since July 21, BTC ETFs recorded net outflows of over $285 million. On July 24 alone, $89.05M million exited Bitcoin ETF products, signaling a pause in bullish sentiment.
Ethereum Open Interest Surges, Then Corrects
Open interest in Ethereum futures reached an all-time high of $28 billion on July 22, indicating rising trader engagement. However, within 24 hours, roughly $150 million worth of ETH positions were liquidated.
Notably, $111 million of that came from long positions following a 3.87% price dip from a local high of $3,860. Despite the liquidation, open interest remained elevated at around $26 billion, suggesting continued market activity. The short term pullback temporarily cooled sentiment but did not erase the broader momentum.
Exchange Supply Drops as Traders Hold ETH
Data from CryptoQuant shows that Ethereum reserves on centralized exchanges dropped by 3.46% since early July. This decline, from over 20 million ETH to around 19.32 million, may reduce sell pressure in the near term.
A lower exchange supply often suggests traders are opting for self custody, potentially expecting long term value retention. This on-chain trend complements Ethereum’s rise in spot volume and ETF activity. However, the broader altcoin market has not kept pace.
According to CryptoRank, the Altseason Index fell from 62 to 48 in recent days. While Ethereum shows signs of strength, the rest of the altcoin market has yet to follow. Together, these developments show Ethereum’s rising momentum in multiple areas, though altseason remains uncertain for now.
