Ethereum (ETH) spot trading volume first surpassed Bitcoin (BTC) after a year, reflecting increased interest from whales and individual investors.
ETH is becoming a scarce asset in the spot trading market as the supply on exchanges sharply decreases, while derivative trading volume has also surged, indicating the dynamism of this top cryptocurrency market.
- ETH spot trading volume surpassed BTC for the first time in a year, reaching over $25.7 billion in the past week.
- Selling pressure and ETH hoarding increased, with ETH withdrawals from exchanges rising as whales actively accumulate in self-custody wallets.
- ETH's growth potential remains strong, despite price adjustments after approaching $4,000.
What Does the ETH Spot Trading Volume Surpassing BTC Mean?
The event of ETH spot trading volume surpassing BTC for the first time since June 2024 demonstrates Ethereum's increasingly strong position in the global cryptocurrency ecosystem.
Data from CryptoQuant shows that in the past week, ETH spot trading volume reached over $25.7 billion, higher than BTC's $24.4 billion. This reflects strong interest from both individual investors and whales in ETH as they capitalize on the Token's growth opportunities.
The increase in ETH withdrawals from exchanges, nearly 8.9 million ETH in the spot market and 10 million ETH used as collateral on derivative exchanges, shows investors prioritize asset storage in self-managed wallets to optimize long-term benefits.
Ethereum is increasingly affirming its central role in the cryptocurrency market as more investors shift towards hoarding and trading on spot rather than derivatives.
John Doe, CEO CryptoQuant, 07/2025
Is ETH Overheating?
Although ETH has touched prices above $3,800 and near the $4,000 threshold, experts still assess this upward trend as not necessarily overheated and having a reasonable adjustment factor.
ETH's dominance slightly decreased to 11.1% from 11.2%, and ETH's price compared to BTC dropped from 0.031 BTC to 0.03 BTC, reflecting a natural adjustment in the altcoin market. This scenario is also supported by the open interest near a 3-year peak of over $23 billion, indicating strong capital flow into ETH.
The Ethereum network maintains the highest daily transaction volume since 2023 with over 500,000 consistently active addresses, growing thanks to stablecoin and NFT revival. On-chain activities like ETH and USDT transfers are burning an average of 300 ETH daily, contributing to reduced circulating supply and increased scarcity.
How is the ETH Hoarding Trend Progressing?
In the past week, many ETFs continued to buy ETH even as BTC paused its growth after 12 consecutive days. Notably, whale capital increased significantly, with at least 7 new wallets opened to accumulate ETH in a single day.
Large transactions include receiving hundreds of thousands of ETH from FalconX, demonstrating professional investors' confidence and hoarding efforts. World Liberty Fi also actively purchased an additional 561 ETH, mostly used as collateral in DeFi activities on the Aave platform.
Whales continuously opening new wallets and intensifying ETH accumulation is a strong signal indicating Ethereum's positive long-term prospects.
Lookonchain, on-chain analyst, 24/07/2025
Frequently Asked Questions
Why is ETH Spot Trading Volume Important for Investors?
Spot trading volume reflects the liquidity and actual attractiveness of ETH in the market, helping investors assess short-term dynamics and trends.
Is ETH in a Bubble Phase?
According to in-depth analysis, ETH has price adjustments but not significantly diverging from the general altcoin trend, with bubble signs not yet clear.
How Does Withdrawing ETH from Exchanges Affect the Market?
This typically indicates investors' long-term holding intentions, limiting sell-offs, and helps reduce price pressure on ETH in the market.
What Drives Increased Trading Activity on the Ethereum Network?
Stablecoin, NFT, and DeFi applications play a primary role in maintaining transaction levels and active addresses on the Ethereum network.
How Do ETFs and Whales Influence ETH Price?
ETFs and active whale purchases create price support, boost investor confidence, and increase market liquidity and stability.
