Ethereum Spot Volume Tops Bitcoin Flippening Talk Rekindled

Published: 2025-09-06 02:09:03 |

August spot trading data shows Ethereum spot volume surpassed Bitcoin for the first time since 2018. According to The Block, Ethereum recorded about $480 billion in spot volume on centralized exchanges (CEXs) vs Bitcoin’s $401 billion. The surge in Ethereum spot volume underscores growing institutional and retail interest in ETH. On a weekly basis throughout August, Ethereum consistently outperformed Bitcoin in spot turnover. Institutional inflows bolstered ETH’s momentum. Corporate treasury disclosures from BitMine Immersion and SharpLink Gaming reveal multi-billion-dollar ETH purchases. Meanwhile, Ethereum-linked ETF products enjoyed steady inflows, while Bitcoin ETFs faced uneven flows and occasional outflows. Overall, ETH funds closed August with stronger aggregate inflows. Year-to-date performance also favors ETH. TradingView data shows Ethereum returns slightly surpassing Bitcoin’s in 2025. Market-cap charts indicate ETH reclaiming close to a 25% share against BTC. These developments reignite the long-standing “flippening” debate—whether Ethereum will overtake Bitcoin’s market cap. While some view this as a seasonal trend, the combined strength in spot volume, institutional buying, and ETF flows suggest a deeper shift. Traders should monitor whether this momentum extends into September or if Bitcoin can reassert its dominance.

Bullish

The overtaking of Bitcoin by Ethereum in spot volume and stronger institutional and ETF flows is a bullish signal. Historically, similar shifts in trading volume preceded sustained price rallies for the outperforming asset. In mid-2021, Ethereum’s record spot turnover accompanied its 4,000+ price peak. Institutional treasury purchases further indicate growing confidence in ETH’s utility and network growth. The consistent inflows into ETH-linked ETFs while Bitcoin products saw outflows suggest capital rotation toward Ethereum. In the short term, this momentum may drive ETH price gains as traders chase liquidity and yield. Over the long term, if Ethereum continues to command a larger share of spot markets and capital inflows, it could challenge Bitcoin’s dominance more sustainably and spark broader market enthusiasm. However, traders should remain cautious of potential profit-taking around major technical levels, which has occurred after previous peaks. Overall, the shift in spot volume dynamics and fund flows supports a bullish outlook for Ethereum and a positive impact on the wider crypto market.