Recent data highlights a substantial increase in trading volumes for Ether ETFs alongside significant institutional investments in cryptocurrency.
Trading Volume Records for Ether ETFs
According to Bloomberg senior ETF analyst Eric Balchunas, Ether ETFs reached a record $17 billion in weekly trading volume, contributing to an impressive total of nearly $40 billion. These funds ranked among the top five U.S. ETFs and the top ten stocks by volume. Balchunas described the figure as 'massive,' comparing it to benchmark equity volumes.
Off-Exchange Institutional Purchases
While the ETF boom garnered attention, institutional accumulation advanced quietly. Analyst EmberCN reported that Bitmine acquired 135,135 ETH worth $600 million within ten hours through FalconX, Galaxy Digital, and BitGo. This lifted BMNR's Ethereum reserves to 1.297 million ETH, valued at around $5.77 billion.
Dual Narratives in Crypto Markets
These developments create a dual-sided narrative influencing the current crypto market cycle. On one side, ETFs attract mass participation, boosting trading volumes to historic highs. On the other hand, institutional entities are directly absorbing supply off-exchange, potentially creating structural constraints. Balchunas noted that Ether ETFs were dormant for nearly a year post-launch in July 2024, before experiencing a surge in activity over six weeks.
In summary, Ether ETFs achieved record trading volumes totaling $17 billion while BMNR's stealthy purchases expanded reserves to nearly 1.3 million ETH. These movements affirm the growing significance of crypto ETFs to the world's largest equity benchmarks.
