- Ethereum surpasses Bitcoin in weekly spot volume for first time in over a year
- Ethereum ETF inflows hit $332M in a day, outpacing Bitcoin’s consistent outflows
- ETH open interest remains high as exchange reserves near all-time low levels
Ethereum has outpaced Bitcoin in weekly spot trading volume, signaling a potential shift in market momentum. Last week, Ethereum recorded $25.7 billion in spot volume, edging past Bitcoin’s $24.4 billion. This marks the first time in over a year that ETH has taken the lead in this key metric. The change comes at a time when Bitcoin is showing signs of stagnation following its all-time high earlier this year.
Ethereum weekly spot volume surpassed Bitcoin's$ETH weekly spot volume hit $25.7B last week vs $BTC's $24.4B. It happened for the first time in over a year.
— CryptoRank.io (@CryptoRank_io) July 24, 2025
Is ETH’s performance a sign that altseason is near?
Covered in the thread 👇🧵 pic.twitter.com/xS1odcdYbF
Capital Rotation and ETF Inflows Fuel Ethereum’s Rise
Ethereum’s growing dominance is being driven by multiple factors. Significantly, capital appears to be rotating away from Bitcoin and into altcoins, particularly ETH.
As Bitcoin ETFs report net outflows for three consecutive days with $85 million leaving just yesterday Ethereum ETFs are seeing strong inflows. On July 23 alone, ETH ETFs attracted $332 million, extending a 14-day streak of positive net flows.
These inflows suggest increasing institutional interest in Ethereum. This trend may also reflect investor sentiment shifting toward assets with stronger short-term growth potential. As Bitcoin cools off, Ethereum is gaining attention for its potential upside.
Open Interest, Exchange Reserves, and Market Behavior
Ethereum’s performance is not only visible in spot trading. Its open interest hit a record $28 billion on July 22 and remains high at $26 billion. This indicates strong market participation and trader engagement. However, the recent $150 million in ETH liquidations $111 million of which were long positions shows that price pullbacks continue to shake out overleveraged positions.
2/ Ethereum’s growth is reflected in its open interest.
— CryptoRank.io (@CryptoRank_io) July 24, 2025
The indicator hit a $28B ATH on July 22 and is now sitting around $26B.
Also, $150M of $ETH positions were liquidated in the last 24h. Interestingly, $111M were long positions, shaken out by a temporary pullback. pic.twitter.com/K9DnjtP8FG
Meanwhile, Ethereum’s exchange reserves are nearing all-time lows. This decline in on-exchange supply is typically viewed as bullish. It suggests that holders are opting to store ETH off exchanges, reducing available supply and potentially lowering short-term selling pressure. If demand holds steady or increases, reduced supply could push prices higher.
Altseason Still Uncertain Despite Ethereum’s Surge
Despite Ethereum’s strength, the broader altcoin market is not yet confirming a full-scale altseason. The Altseason Index (ASI) dropped from 62 to 48 in recent days. This shows that, while Bitcoin may be underperforming, other altcoins are not gaining substantial ground.
Ethereum is currently trading at $3,645.85, up 2.17% over the past 24 hours. However, it has slipped slightly by 0.37% over the past week. With a circulating supply of 120 million ETH, its market cap stands at $440.2 billion.
