For the first time in at least seven years, ether’s monthly and weekly spot trading volume on centralized exchanges has surpassed bitcoin’s, according to The Block’s data dashboard.
ETH aggregate CEX spot turnover rose above bitcoin on a seven-day basis throughout August, ending a multi-year stretch in which BTC led global spot volumes. CEX venues logged nearly $480 billion for ether trading versus BTC’s estimated $401 billion last month.
The shift follows a run of ETH-positive narratives, including heavy buying by corporate digital asset treasury programs and active trading in U.S. spot ETH ETFs. Treasury accumulation has become a significant driver. Firms such as BitMine Immersion and SharpLink Gaming disclosed multi-billion-dollar ether purchases last month, helping push the total value of public company ETH treasuries sharply higher, The Block’s data shows.
At the same time, spot Ethereum ETFs saw massive demand amid uneven but persistent flows. Ether products on Wall Street that track spot prices recorded $3.95 billion in net inflows during August, compared to $301 million in outflows from spot Bitcoin ETFs.
The flip in flows and monthly trading volume also comes as ETH has outperformed BTC since January and capital rotates toward Ethereum exposure. According to The Block’s price page, ETH has surged over 105% year-to-date, while BTC is up around 18% in the same period. At least one BTC whale has recently amassed $4 billion in ether by swapping long-held holdings.
Paul Howard, senior director at crypto market maker Wincent, said such pivots from large holders may become more frequent as institutions adopt ETH as a higher beta play. He added that rising chances of a rate cut this month could further bolster ether’s performance, as well as the broader crypto market in the fourth quarter.
“It would be worth keeping eyes on the Bitcoin whale wallets who have been switching to ETH this quarter, as that looks to be where I expect more of the ‘blue-chip’ price action into Q4,” Howard told The Block. “Q4 is also where I expect we hit new all-time highs in all the majors off the back of potential US rate cuts.”
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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