Ethereum takes the lead!
Ethereum’s dominance in CEX spot markets has finally edged past Bitcoin’s after a seven-year wait.
In fact, data revealed that ETH accounted for the larger share of spot turnover in August, with nearly $480 billion in volume compared to BTC’s $401 billion. The chart also showed how Ethereum’s share steadily rose over the summer, eating into Bitcoin’s lead before flipping it outright by month’s end.
Source: The Block
On a weekly basis too, ETH held the upper hand across August – Hinting at a structural shift in market preference as traders increasingly turned to Ethereum for liquidity.
Treasury buys and ETH flows boost momentum
Part of Ethereum’s latest edge over Bitcoin comes down to where institutional money is moving. Corporate treasuries, including firms like BitMine Immersion and SharpLink Gaming, have recently disclosed billions in ETH purchases.
Source: CoinGecko
ETF flow data reinforced the trend too. While Bitcoin products saw uneven inflows throughout August, Ethereum-linked funds enjoyed consistent green weeks before closing the month with higher aggregate inflows.
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- Source: SoSoValue
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- Source: SoSoValue
ETH funds continued to attract fresh capital too, even as BTC products posted outflows.
Hence, by the looks of it, Ethereum may be the market’s hot property heading into September.
A flippening on the cards?
Source: TradingView
Source: charts.bitbio.io
