ETH spot trading volume reached a record 87% of BTC’s figure

The asset’s exchange rate has added 2,3% over the last week

29.05.2024 - 10:35

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What’s new? The share of ETH in the spot market trading volume is growing amid expectations of full approval of asset-based spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). Thus, on May 26, the seven-day moving average (7DMA) of ETH spot trading volume reached $11,26 billion, the highest since March.

Material by The Block

What else is known? In the first months of 2024, ETH lagged behind bitcoin, which went up as a result of the launch of spot BTC ETFs in the United States on January 11, as well as many other cryptocurrencies.

For example, bitcoin rose from 16,6 ETH in mid-January to 22,2 ETH on May 17, but after the interim approval of spot ETH ETFs, the BTC exchange rate fell back below 18 ETH.

In March, the 7DMA of bitcoin spot trading volume peaked from May 2021 at $29 billion. The ETH figure amounted to $12,75 billion, which is lower than the record of May 2022. However, by the end of May, the gap between the two cryptocurrencies had already narrowed, with BTC falling to $12,89 billion.

As a result, ETH spot trading volume currently reaches 87% of the largest cryptocurrency, which is the best result ever. The previous record of 85% was set in June 2021 at the height of the bull market.

Earlier this month, inflows into cryptocurrencies since the beginning of the year reached a record $14,9 billion. Ethereum-based investment products saw a $36 million flow in the previous week, a record since March.

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