Ethereum dominates with higher trading volume than Bitcoin | Credit: Derek Fenech
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Key Takeaways
Ethereum’s monthly trading volume hit $480 billion, overtaking Bitcoin’s for the first time since 2017.
Rising ETH ETF inflows and buying pressure from institutions like Sharplink fueled the volume surge.
The ETH/BTC chart shows a bullish pennant, while the ETH/USD forms a bull flag, hinting at upside.
For the first time since 2017, Ethereum’s (ETH) monthly trading volume has surpassed Bitcoin’s (BTC). This milestone occurred in August—the same month ETH climbed to a new all-time high.
With Ethereum’s price pulling back to $4,344, the question is whether this surge in trading activity signals sustained strength or marks the beginning of a broader correction.
In this analysis, CCN breaks down what the volume flip means for ETH’s price outlook.
Ethereum Breaks Bitcoin’s Streak
In August alone, Ethereum’s trading volume on centralized exchanges surged to $480 billion. Bitcoin, on the other hand, was $401 billion.
The gap shows that market participants directed more attention and capital toward ETH than BTC during the month.
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That surge in activity helps explain why Ethereum’s price jumped more than 50% in August, while Bitcoin managed less than a 10% gain.
Notably, this marks the first time since 2017 that ETH’s monthly trading volume has surpassed BTC’s — a rare shift that signifies Ethereum’s growing dominance in the market narrative.
CCN’s findings suggest that this development occurred due to the rise in ETH exchange-traded funds (ETF) inflows. Buying pressure from institutions like SharpLink also seems to have contributed to the surge.
However, as of this writing, the price of both cryptos has dropped. Ethereum, for instance, has failed to hold above the $4,500 resistance.
Bitcoin, like ETH, is trading below the $110,000 psychological zone.
ETH/BTC Bullish
The ETH/BTC chart shows that the pair has formed a bullish pennant on the daily timeframe.
A bullish pennant typically emerges after a strong upward move, when the price consolidates within converging trendlines.
This consolidation acts as a pause before the next potential breakout.
In Ethereum’s case, this setup suggests that ETH is building strength against Bitcoin.
If the pennant breaks upward, it would confirm that buyers are in control and could trigger a fresh leg higher for ETH’s price relative to BTC.
Historically, such moves coincide with Ethereum outperforming Bitcoin across the broader market, lifting ETH/USD as well.
If validated, the bullish pennant could help Ethereum sustain its recent gains and close the gap toward reclaiming higher levels, possibly reinforcing its dominance in the current market cycle.
Should this remain, the ETH/BTC value could retest 0.043. If the bull market returns, the value could rise as high as 0.059.
ETH Price To Rebound Soon
Ethereum’s price outlook appears equally bullish. On the daily chart, the green line of the Supertrend sits below the price, reinforcing upward momentum.
If Ethereum’s trading volume surpasses Bitcoin’s in September, this technical structure suggests that the price is likely to follow with another breakout.
Such a move could further validate ETH’s growing dominance and extend its rally beyond current levels.
Should this be the case, ETH might rebound to $4,962, possibly rising above $5,500 before the month closes.
However, if demand for the cryptocurrency drops, this might not happen. In such a scenario, the market value might slide to $4,196 or as low as $3,595.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
