The exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH) in the United States have experienced a surge in weekly traded volume, reaching a record high. Institutional investors have shown renewed interest in Ether’s investment products, leading to a total traded volume of approximately $40 billion over the past week for both BTC and ETH ETFs.
Specifically, the ETH ETFs in the U.S. saw a record traded volume of around $17 billion during the same period. If this trend continues over the next two weeks, it could surpass last month’s total net inflow of $5.43 billion. On the other hand, the BTC ETFs in the U.S. observed a gradual increase in weekly total net inflow, reaching about $561 million compared to the previous week’s $246 million.
In terms of price analysis, the ETH/USD pair has displayed bullish sentiment from a technical standpoint. With a fully diluted valuation of approximately $534 billion, Ether recently broke out of a bearish consolidation phase with a megaphone structure. The ETH/USD pair on the four-hour timeframe has shown a rising pattern with higher highs and higher lows, potentially leading to a price surge towards $5k if it bounces off the 50 Moving Average Simple (SMA).
Conversely, the BTC price has remained bullish due to increased cash inflow into U.S. spot Bitcoin ETFs. Despite reaching an all-time high of around $124,128 earlier in the week, the price has stabilized following a cooling period in the leveraged market. The BTCUSD pair on the four-hour timeframe dipped below the 50 SMA but found support above the 100 SMA, signaling a potential rebound after filling the CME gap in the near future.
Overall, the recent surge in trading volume for BTC and ETH ETFs in the U.S. indicates growing interest from institutional investors, potentially leading to further price appreciation for these cryptocurrencies.