ETH spot volume overtakes BTC for first time in 2025
Ethereum’s (ETH) weekly spot trading volume has surged past Bitcoin’s (BTC) for the first time since June 2024, signaling a shift in market sentiment.
ETH logged over $25.7 billion in weekly spot volume, edging out BTC’s $24.4 billion, as traders piled into the token amid bullish sentiment, reports Cryptopolitan.
This marks a reversal from previous months where derivatives led ETH’s growth narrative. Now, increased activity on centralized exchanges and a drawdown in reserves—down to 8.9 million ETH—points to growing interest from both retail buyers and whales. Top exchanges saw elevated outflows in July, hinting at further self-custodial accumulation.
Network demand grows as ETH cools below $4,000
Despite the momentum, ETH failed to maintain its push above the $3,800 level, consolidating and correcting to around $3,579. Analysts view this as a normal retracement following long liquidations—over 91% of recent liquidations were long positions. Meanwhile, ETH’s dominance dipped slightly to 11.1%, and its BTC ratio dropped to 0.03 BTC, suggesting altcoin-wide growth rather than ETH-specific exuberance. The Ethereum network remains robust, processing its highest transaction volumes since 2023, with over 500,000 daily active addresses. Key activities include stablecoin transfers and NFT resurgence, which combined burn over 400 ETH daily.
Institutional and whale accumulation strengthens ETH floor
Institutional accumulation continues, with ETFs maintaining a steady buying pace even as BTC-focused funds paused. Whale activity also picked up, with seven new wallets accumulating over 466,000 ETH worth $1.7 billion in recent days. Notably, wallets 0x8eEa and 0x9684 received $505 million and $448 million in ETH, respectively, from FalconX. World Liberty Fi added another 561 ETH, a modest buy but consistent with their strategy of using ETH for DeFi collateral. Open interest remains near a three-year high of $23 billion, suggesting that while short-term volatility remains, long-term demand is firmly intact.
Recently we wrote that the U.S. crypto community is holding its breath ahead of July 30—the date set for the release of a key report from the President’s Digital Asset Working Group.
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