For the first time in seven years, Ethereum (ETH) has surpassed Bitcoin (BTC) in spot trading volume on centralized exchanges, a significant shift in market dominance. In August, ETH spot volume reached nearly $480 billion, outpacing Bitcoin’s $401 billion, indicating a growing preference among traders for Ethereum’s liquidity.
This momentum is also being driven by institutional interest. Several corporate treasuries, including firms like BitMine Immersion, have publicly disclosed billions in ETH purchases. Additionally, Ethereum ETFs saw consistent inflows throughout August, while Bitcoin ETFs experienced uneven flows, further reinforcing the trend of institutional capital moving toward Ethereum.
Ethereum’s strong performance is also reflected in its year-to-date returns, where it has slightly outperformed Bitcoin. This combination of rising spot volume, institutional inflows, and superior performance has revived the long-debated “flippening”—the moment when Ethereum’s market cap surpasses Bitcoin’s. While still a long way off, data shows that Ethereum’s market cap has climbed back toward 25% of Bitcoin’s, a level not seen since mid-2022.
September 2025, Cryptoniteuae
