Ethereum trading volume doubles as investors eye ETFs

Ethereum trading volume doubles as investors eye ETFs

Investors have turned bullish on Ethereum, according to cryptocurrency trading platform FalconX. The trading volumes have doubled in recent days as analysts speculate over the possibility of the acceptance of Ethereum futures ETFs in the US.

Investors are excited about Ethereum, as analysts predict futures ETFs could go live from early October.

The second largest cryptocurrency by market capitalization has surged more than 2% since a week ago. The decline in crypto prices has resulted in Bitcoin dipping 0.7% and Ripple's XRP dipping 1% in the same period.

This week, Ethereum trading volume has surged, too. Daily volumes doubled from about $200 million to more than $430 million on Thursday.

Institutional investors are optimistic about the cryptocurrency. David Lewant, FalconX's head of research, detailed investor activity on the platform during the past week.

He continued, noting that 59% of the firm's flow was on the buy side, compared to 50% for Bitcoin. The last week of buying of Ethereum surged from 42% to 45%, and bitcoin was unchanged at the same time.

While Bitcoin's popularity is increasing, it's still the most popular site, which generates 1.6 times the volume of Ethereum, its supremacy has fallen. This was the first time in nine weeks that it was lower than twice Ethereum's volume.

An Ethereum futures ETF could be approved as soon as this week, according to speculation from ETF analysts.

In August, the SEC said it may approve Ethereum futures ETFs as soon as October.

The process of the government shutdown in the US could be delayed by the government's decision.

There is a 90% chance that Ethereum futures ETFs will launch in October, according to a note from Bloomberg Intelligence ETF analyst's Eric Balchunas and James Seyffart.

The pair expects their products to be traded by the end of the week of October 9.

The Hong Kong security secretary said yesterday that the Hong Kong security service would track down the leaders of JPEX. The London-based Markets Correspondent, Adam Morgan McCarthy, is the co-founder of DL News.