U.S. Ether and Bitcoin exchange-traded funds (ETFs) have just had their biggest trading week so far, fueled by skyrocketing prices of cryptocurrencies. Ether ETFs alone transacted a value of around $17 billion, destroying all past records. This follows weeks of weak demand for the funds since they opened for business in 2024.
Ether ETFs Seize the Spotlight
The week’s standout performer was Ether ETFs, which recorded their all-time single-day high inflow of $1.01 billion on Monday. Total net inflows for the first half of August amounted to more than $3 billion, the second-strength month following the launch of the funds to market.
“Ether ETFs Finally Wake Up” after a year of muted action, ETF analyst Eric Balchunas said, attributing rising interest in Ethereum.
Bitcoin Hits New Highs
Bitcoin also posted a huge price jump, an all-time high of $124,000 on Thursday, before retreating to around $117,600, a 5.5% drop from its all-time high.
Bitcoin’s price jump comes in tandem with the renewed interest in both Ether and Bitcoin ETFs, which suggests that investors are increasingly interested. Analysts say that the current market conditions can be on a par with the rally that Bitcoin had at its ETF launch in early 2024.
Market Experts Opine
Crypto analyst Michael van de Poppe of MN Trading Capital was still optimistic, saying that “there’s way more to come for this cycle.” However, some experts caution against it. Nansen blockchain analytics firm’s Jake Kennis stated that while Ether is close to its all-time high, it can take weeks or even months for it to convincingly break above that level.
Wall Street Getting Warmer to Digital Assets
The recent boost in trading volumes of ETFs indicates that Wall Street is again leaning towards crypto assets. Since both Bitcoin and Ether are leading the charge, investor sentiment seems to be going in the right direction. This renewed popularity can open the doors for more expansion in the crypto space.
With immense inflows into Ether ETFs and Bitcoin setting new highs, investors are closely following this trend. The future of digital currencies is bright as traditional financial institutions pick up this new market in greater proportion.
