In a market-shifting move, Ethereum overtakes BTC in spot volume for the first time this quarter, driven by renewed interest in ETH staking, institutional flows, and growing Layer-2 activity.
Ethereum Overtakes BTC in Spot Volume: ETH Takes the Lead on Binance and Coinbase
In addition, the overtaking was confirmed by trading data across major centralized exchanges. According to Kaiko Research, ETH spot volume surpassed BTC by 9% over a 24-hour period, marking the first such reversal since mid-2022.
Exchange highlights:
- ETH: $12.6B daily volume vs BTC: $11.5B
- 38% increase in ETH–USDT trading on Binance
- ETH/USD pairs dominate Coinbase retail flow
The flip was accompanied by increased volatility in ETH, which rose 4.3% on the day compared to Bitcoin’s 1.2%.
Ethereum Overtakes BTC in Spot Volume: Staking, ETF Flows, and Layer-2 Growth
Furthermore, analysts cite multiple catalysts. ETH staking deposits have accelerated following the approval of spot Ethereum ETFs in major markets. Additionally, activity on Layer-2 networks such as Arbitrum, Base, and Optimism is boosting on-chain transaction volume and network fees.
Key metrics:
- ETH staking deposits up 17% WoW (Lido, Rocket Pool)
- Arbitrum TVL hits $14.8B
- Spot ETH ETF net inflows exceed $620M in 5 days
Institutional sentiment is shifting toward ETH as a yield-generating asset with broader DeFi exposure.
Strategic Implications: Market Leadership Realignment?
That overtaking may indicate a temporary shift, or a structural change, in trader behavior. Besides that, while Bitcoin remains dominant in macro positioning, Ethereum is gaining ground as a programmable asset that serves both institutional and DeFi users.
What to watch:
- BTC dominance index fell from 51.7% to 49.3%
- ETH open interest surpassed BTC on CME for the first time since 2021
- Derivatives market shows rising ETH long positioning
Some analysts believe this could mark the start of a sustained “ETH cycle,” especially if Ethereum Layer-2s continue to outperform on fees and throughput.
Conclusion: ETH’s Momentum Sends Market Signals
That Ethereum overtakes BTC in spot volume reinforces Ethereum’s growing influence in crypto’s evolving market structure. Whether this marks a new phase in capital allocation or a short-term rotation, traders and institutions alike are recalibrating their positions around ETH.
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External Source: Ethereum Trading Volume Overtakes Bitcoin
