In a rare shift within the crypto market, Ethereum (ETH) has outpaced Bitcoin (BTC) in spot trading volume for the first time since June 2024, according to CryptoQuant analysts. "The spot ETH/BTC ratio has breached 1 for the first time since last summer," researchers highlighted.
Despite this milestone, Ethereum declined by about 3% against Bitcoin over the past 24 hours, pausing its extended rally near the critical $4,000 level. As of writing, ETH trades at a weighted average price of $3,566.
Top 5 Crypto Assets by Market Cap. CoinGecko. Analysts at Santiment remain bullish, arguing the underlying trend is intact: “ETH/BTC dropped ~5.8% over the past 60 hours. This FOMO-driven surge in trading volume, similar to early May, typically precedes local tops. If trading and social activity continue to decline, we may see a new wave of gains as retail investors lock in profits.”
Market Correction: Profit Taking, Liquidations, and No Clear Trigger
Presto Research analyst Min Jung attributes the correction to a technical pause or profit booking, not to macro factors: “It’s more likely a breather or profit-taking event, with Ethereum still up 7% for the week and Dogecoin gaining 12%.”
CoinW’s strategy chief Nassar Al-Achkar echoes this view, citing a temporary retracement amplified by leveraged position liquidations and rotation out of altcoins as traders await further ETF decisions.
Kronos Research’s CIO Vincent Liu points to a cascade of liquidations on over-leveraged ETH longs and declining market liquidity as key factors behind the move.
Ethereum Long Liquidations Dominate 24h Structure. CoinGlass.Altcoins overall remain under pressure as retail sentiment wanes. Traders are focusing on geopolitical risks, institutional ETF inflows, and key technical support levels, according to LVRG Research director Nick Ruck.
Jung maintains that the broader picture for digital assets is steady: “Crypto continues to see demand from corporate treasuries. Traders are also watching the upcoming earnings season for tech giants and macroeconomic signals.”
Two Weeks of Inflows for Ethereum ETFs, But Momentum Fades
Net inflows into US spot Ethereum ETFs have persisted for 14 consecutive days, although volumes have moderated in the past week. On July 23, net flows totaled $332M, with BlackRock’s flagship ETHA fund alone accounting for ~$325M.
14-Day Streak of ETH ETF Inflows. SoSoValue.Cumulative net inflows since ETF launch last July now stand at $8.65B, giving the funds control of 4.57% of total ETH supply. In stark contrast, spot Bitcoin ETFs have recorded net outflows for three days in a row, with $86M withdrawn in the last 24 hours alone.
Corporate Appetite for Ethereum on the Rise
Corporations are aggressively increasing their ETH reserves: the aggregate balance across public company wallets now exceeds 2M ETH.
Corporate Ethereum Holdings by Company. Strategic ETH Reserve.- SharpLink Gaming: +91.43% over the past month
- Bitmine Immersion Nech: +84.29%
- Bit Digital: +335.53%
- BTCS Inc.: +282.11%
A total of 61 companies are now following this accumulation strategy, collectively holding 1.69% of all circulating ETH.
ETH Corporate Reserve Value and Cost. CoinGecko.Meanwhile, CryptoQuant’s “Crypto Dan” predicts a short-term correction but does not see evidence of a long-term trend reversal for ETH