Ethereum ETFs see record weekly trading volumes, up 44% to $1.63 billion
Ethereum ETFs hit record trading volumes, surging 44% in weekly activity
Ethereum exchange-traded funds (ETFs) are gaining attention after recording their highest weekly trading volumes since their launch in August. Last week, trading volumes jumped 44%, reaching $1.63 billion, a sharp increase compared to the previous week.
Daily average volumes also rose to $326 million, more than double the stagnant $168 million average seen from mid-August through October.
This surge in trading is comparable to the early pattern seen with Bitcoin ETFs. In their initial weeks, Bitcoin ETFs experienced a similar excitement-driven spike, averaging $2.36 billion in daily volume. However, after a quieter period averaging $1.4 billion daily, Bitcoin ETF volumes rebounded strongly to $5.4 billion per day over a four-week stretch. Notably, during this resurgence, Bitcoin prices surged by over 35%, climbing from $50,900 to an all-time high of $74,000.
Ethereum appears to be following a similar trajectory. Following its recent volume breakout, Ethereum prices recorded a 25% weekly gain, the largest since May. The link between rising ETF activity and price movement has many watching Ethereum closely for further signs of sustained momentum.
Grayscale and BlackRock show contrasting results
However, last week wasn’t entirely smooth for Ethereum ETFs. While Grayscale’s ETHE saw $21.9 million in outflows, BlackRock’s ETHA bucked the trend by drawing in $18.9 million. Overall, this led to a single-day net outflow of $3.2 million on the 14th of November which disrupted the prior inflow streak. In addition, trading volumes for all nine Ethereum ETFs also dipped to $439.2 million that day, down from $722.5 million the day before.
The market narrative now hinges on whether this volume and price surge tells of a broader recovery or a short-lived rally. Institutional interest, as reflected in ETF activity, could also play a decisive role.
Ether ETFs, which launched in July, have shown positive net flows in five consecutive days. The cumulative figure is now $94.62 million and rising but Ethereum ETFs are still struggling to gain traction.
