US-based spot Bitcoin and Ether exchange-traded funds (ETFs) just logged their strongest week of combined trading volume yet, according to an ETF analyst.

“Biggest week ever for them, thanks to Ether ETFs stepping up big,” ETF analyst Eric Balchunas said in an X post on Friday.

Ether ETFs were “asleep” for 11 months, says Balchunas

“Ether ETFs’ weekly volume was about $17b, blowing away record, man did it wake up in July,” Balchunas said.

It came the same week Bitcoin (BTC) reached a new all-time high of $124,000 on Thursday, while Ether (ETH) came close to reclaiming its November 2021 high of $4,878 on the same day, reaching $4,784 — just 1.94% below — according to CoinMarketCap.

Since Thursday, Bitcoin has fallen 5.52% from its all-time high, trading at $117,659, while Ether has dropped 6.20% from its Thursday high, trading at $4,486.

However, MN Trading Capital founder Michael van de Poppe said, “There’s way more to come for this cycle.”

Ether ETFs take a sharp turn

On Monday, spot Ether ETFs recorded their biggest day of net inflows ever, with flows across all funds totalling $1.01 billion. Across the first two weeks of August, they’ve recorded more than $3 billion in net inflows marking their second-strongest monthly performance to date.

Balchunas said it was almost as if Ether ETFs were “asleep” for the past 11 months and “then crammed” one year’s worth of activity into six weeks. 

While there was excitement ahead of their July 2024 launch, Ether ETFs initially saw lackluster demand, sparking speculation that Wall Street had yet to find a clear use case for the asset.

Related: Ether bull flag targets $6K as ETH supply on exchanges falls to 12%

Meanwhile, Bitcoin ETFs reached new highs of $73,679 just two months after launching in January 2024.

Analysts are now drawing parallels between Ether’s recent price surge and Bitcoin’s post-ETF rally. 

“This move is comparable to the BTC ETF launch, when Bitcoin continued to rally upward,” van de Poppe said, adding, “The ETFs have a massive impact and there’s a lot to come for Altcoins.”

However, some analysts warn that investors must be patient before Ether reaches a new all-time high.

Nansen analyst Jake Kennis said in comments shared with Cointelegraph that a new all-time high for Ether may be weeks or months away, despite ETH currently sitting only a few hundred dollars off a new record price.

Magazine: Altcoin season 2025 is almost here… but the rules have changed

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A recent blog post from the European Central Bank (ECB) raised alarms about the implications of the US dollar’s dominance in the stablecoin market, especially in light of President Donald Trump’s recent signing of the GENIUS Act into law.

This trend could allegedly lead to increased borrowing costs for European nations, diminish the autonomy of the European Central Bank, and deepen geopolitical dependence on the United States. 

European Union Urged To Fast-Track Digital Euro

The ECB’s adviser, Jürgen Schaaf, claimed that the strategic advantages afforded to the US through its “stablecoin dominance” could allow it to finance its debt more cheaply while extending its global influence.

The post emphasizes the potential consequences for Europe, warning that reliance on dollar-based stablecoins for payments and savings could undermine the ECB’s control over monetary policy. 

According to Reuters, the market for euro-denominated stablecoins is currently minimal, with a market capitalization of less than 350 million euros, compared to similar cryptocurrencies from companies like Tether (USDT) and Circle (USDC). 

In light of this competitive landscape, the ECB’s adviser urged the European Union to accelerate the development of a digital euro and encourage the creation of more euro-based stablecoins.

Amid these tensions, the recently enacted GENIUS Act in the US has ignited fresh interest among traditional finance firms in dollar-pegged cryptocurrencies. 

Wall Street Giants Explore Opportunities In Stablecoins

Interactive Brokers Group, a brokerage firm with a market capitalization of around $110 billion, is reportedly considering launching its own stablecoin. 

The firm’s founder, Thomas Peterffy, indicated that while they are still evaluating how to implement these assets for customers, they recognize the transformative potential of blockchain technology in the broader financial landscape.

Interactive Brokers has already established partnerships with crypto platforms like Paxos and is an investor in crypto exchange Zero Hash, enabling it to offer trading in various cryptocurrencies. The firm is now focused on creating a system for instant, 24/7 stablecoin funding for brokerage accounts. 

However, Peterffy also expressed caution about the rapid adoption of cryptocurrencies, noting, “It’s basically hard to grasp its fundamental value.” He emphasized that while he is open to the idea of stablecoins, he remains skeptical about their intrinsic worth.

In a parallel development, Robinhood has launched its own stablecoin, the Global Dollar Network, in collaboration with other crypto platforms such as Kraken and Galaxy Digital. 

This stablecoin, issued by Paxos, is pegged to the US dollar and aims to facilitate transactions without the need for traditional banking systems. Similarly, asset manager and crypto exchange-traded fund (ETF) issuer WisdomTree recently unveiled its own stablecoin, USDW.

These developments are part of the progressive steps being taken in the US toward a more accommodative digital asset environment. Wall Street firms like JPMorgan, Citigroup, and Goldman Sachs are also exploring the potential of these assets for their operations. 

Featured image from DALL-E, chart from TradingView.com 

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Bitcoin

holders have increased their profit-taking activity since the cryptocurrency’s price averages flashed a key bullish signal two weeks ago.

BTC’s 50-day simple moving average (SMA) crossed above its 200-day SMA on May 22, confirming a golden cross – a technical indicator signaling bullish long-term momentum, according to data from TradingView. On the same day, bitcoin’s price hit a record high above $111,000, according to CoinDesk data.

Still, holders are increasingly locking in gains rather than holding for further upside, according to on-chain data tracked by Glassnode.

“Entity-adjusted realized profit spiked above $500M/hour three times in the past 24 hours, signaling intense profit-taking activity,” Glassnode said on X on Tuesday.

The entity-adjusted realized profit represents the total USD profit of all coins that have been moved onchain, where the price at their last movement is lower than the latest transaction price.

The chart shows the profit-taking activity has steadily increased since the second half of May, topping the $500 million mark several times. That’s the most intense profit taking operation since early February.

Other metrics, such as the entity-adjusted spent output profit ratio (SOPR), suggest the same. SOPR tracks the profit level of all moved coins during a given period. It’s entity-adjusted version discards transactions between addresses of the same entity, providing a reliable indicator of real economic activity.

“The recent ATH breakout has led to a notable uptick in profits locked in, with the average coin capturing a +16% profit. Fewer than 8% of trading days have been more profitable for investors, suggesting a meaningful transition into profit-taking activity is underway,” Glassnode said in its weekly report.

The report added that profit-taking is still not as intense as seen during prior major price-topping patterns.

As of writing, BTC changed hands at $105,600 amid reports of President Donald Trump’s Truth Social platform moving a step closer to offering a bitcoin exchange-traded fund to everyday investors.

The data was compiled and published by the Russian media outlet RBC, and shows that BitRiver and Intelion alone have cornered over 50% of the market.

Intelion’s growth rate was also notable, with the firm increasing its revenues by RUB 3,948 million ($50,000) compared to 2023 figures.

BitRiver, Intelion Continue to Dominate Russian Market

The media outlet used the country’s top 10 crypto miners’ latest public declarations to compile its data.

This means that the nation’s vast illegal crypto mining sector is still largely unaccounted for. But the data also revealed how much power the country’s top crypto mining players use.

It also reveals information about where the miners have built their biggest data centers and the types of energy mixes they use to power their rigs.

The data shows that BitRiver’s revenue for 2024 was RUB 10.286 billion (over $129 million). The same company used 533 MW of electrical power in 15 data centers.

BitRiver operates more than 175,000 crypto mining rigs and provides hosting and support to B2B clients.

The firm continues to operate centers in Irkutsk Oblast, the nation’s first Bitcoin mining hub. In recent months, mining in Irkutsk has caused major strains on the Siberian grid.

BitRiver also has centers in Krasnoyarsk, Orenburg, Tuva, Buryatia, Khanty-Mansiysk Autonomous Okrug, and the Yamalo-Nenets Autonomous Okrug.

The data also shows that BitRiver is looking at alternatives to conventional power grid-based solutions.

More than 30 MW of its capacity now comes from associated gas extracted at oil drilling sites fitted with turbine generators.

Nuclear Power

Intelion, meanwhile, posted total revenues of RUB 6.218 billion ($78 million) in FY2024, using 298 MW of energy.

The company has built many of its centers outside the more typical BTC mining hubs, operating in the Tula, Nizhny Novgorod, Kemerovo, Samara, and Murmansk regions, as well as the Republic of Khakassia.

Intelion has also partnered with nuclear power providers such as Rosenergoatom, and has a center near the Kalinin Nuclear Power plant in Tver.

The firm has also expanded its gas generation operations and is now working on providing crypto mining hardware for industrial enterprises that have idle power capacities.

The media outlet compiled a top 10 of Russian industrial miners by revenue. Nine of the firms on the list saw revenue growth in FY2024, with Intelion leading in this category.

Smaller Players Also Posting Rapid Growth Rates

Several smaller firms also saw revenues climb last financial year. The most notable of these was third-paced Promminer, with revenues of RUB 4.761 billion ($59.8 million) and a capacity of 90 MW.

Unlike the “big two,” Promminer specializes in mobile data centers, which can be moved around the country as needed.

RBC noted that banks and leasing companies have shown an interest in financing the firm’s activities.

Earlier this year, Promminer announced it had brought a new data center online in the city of Voronezh.

Making up the rest of the list were Location (80 MW), R7miner (33 MW), Stella (120 MW), Mining Cluster (70 MW), CryptoReactor (75 MW), GIS Mining (53 MW), and BitCluster (80 MW).

The latter has revealed that it is developing crypto mining infrastructure in Ethiopia and Paraguay.

Sergey Bezdelov, the Director of the Industrial Mining Association, noted that Russia now “ranks second in the world in terms of mining volume, and first in terms of growth rates.”

The post Russian Crypto Mining Giants BitRiver, Intelion Post Combined $200M Revenue for FY2024 appeared first on Cryptonews.

European ETFs recorded $93 billion in net new assets during the first quarter of 2025, marking their highest inflows on record and surpassing the previous high of $91 billion set in Q4 2024.

Per Invesco’s latest European ETF Snapshot, despite largely flat equity returns, rising commodity prices, and solid fixed income gains, pushed total European ETF assets under management to $2.38 trillion by the end of March.

Equities accounted for 80% of Q1 inflows, maintaining pace with the 2024 average. However, Invesco’s data revealed a shift in investor focus, pivoting away from US equities toward European exposures.

ETFs focused on Europe attracted a record $19.4 billion inflows, comprising almost a fifth of the net new assets.

Broad European equity products accounted for $11.4 billion, while German equity ETFs alone captured $5 billion, reflecting heightened investor interest in regional diversification amid global market uncertainty.

CoinShares data for April 18 shows the trend includes European crypto ETPs, notably in Switzerland and Germany, which recorded positive inflows, while US-listed products saw significant outflows.

Switzerland attracted $43.7 million in inflows, and Germany recorded $22.3 million, in contrast to $71 million in outflows from the United States. This divergence supports the analysis of sustained investor preference for European assets and a broader shift away from US exposures across traditional and crypto markets.

However, just-released data from last week indicates a potential recovery in US spot crypto ETFs inflows, though German and Swiss ETP inflows also remain strong.

Appetite for US assets declines

Appetite for US equities has declined as March saw $2.2 billion in outflows from US equity ETFs, bringing total Q1 outflows to $4.5 billion, less than 10% of the record inflows experienced in Q4 2024. The downturn in US-focused flows coincided with growing concerns over concentration risk in US and global indices.

Commodities, particularly gold, contributed significantly to the quarter’s positive asset growth. Gold exchange-traded products experienced consistent positive flows over the past four months after largely being bypassed during much of the earlier gold price rally.

Gold delivered a 19% return in Q1, outperforming other major asset classes as investors sought traditional safe-haven assets amid an increasingly uncertain economic outlook and rising equity market volatility.

The insights from Q1 inflows come against tariff-induced volatility that emerged in April. Gary Buxton, Head of EMEA ETFs at Invesco, emphasized that the first quarter positioning indicates underlying investor sentiment.

He noted that European equities retain valuation support, while the increasing unease over concentration risks in US and global benchmarks could further sustain the pivot towards European markets.

Buxton also highlighted that ongoing economic uncertainty may continue to bolster gold’s appeal. The asset’s historically low correlation with equities and tendency to perform during periods of heightened risk aversion illustrate its role as a diversification tool.

Bitcoin is also reaffirming its position away from a risk asset toward a more technically aligned risk-off investment.

As market conditions are in flux, the inflows into European equities and gold observed in Q1 may inform future investor strategies, particularly in uncertain environments and a search for regional and asset diversification.