Ethereum Surpasses Bitcoin in August CEX Spot Turnover
In August 2025, Ethereum recorded $480 billion in CEX spot turnover, overtaking Bitcoin’s $401 billion. This record CEX spot turnover reflects growing Ethereum dominance driven by sustained ETF inflows, large institutional treasury purchases, and strengthened on-exchange liquidity. Weekly exchange flow data showed ETH outperformed BTC throughout the month, signaling a significant liquidity shift and market share gain. Corporate disclosures revealed multi-hundred-million-dollar ETH allocations, while ETH-linked funds posted steady weekly inflows compared with uneven Bitcoin ETF performance. The divergence boosted Ethereum’s trading volume and strengthened its liquidity profile. Although ETH closed August with a 25% market share relative to Bitcoin, a lasting “flippening” requires continued institutional allocations, favorable macro liquidity, and regulatory clarity. Traders should monitor weekly flow reports, treasury filings, and ETF data to gauge whether this momentum can sustain.
Bullish
The surge in Ethereum’s CEX spot turnover is bullish for ETH and may bolster broader market sentiment. High trading volumes driven by ETF inflows and institutional treasury buys signal strong demand and deepening liquidity. Historically, ETF launches and sizable corporate allocations have led to sustained price appreciation, as seen with Bitcoin ETF rollouts. In the short term, increased volume and liquidity could fuel upward price pressure and volatility in ETH trading pairs. Over the long term, if institutional allocations persist and regulatory clarity improves, Ethereum could solidify its market position and even challenge Bitcoin’s dominance. Traders should watch continued ETF flow data, treasury filings, and macro liquidity indicators to confirm whether this bullish momentum is sustainable.