Can Ethereum Sustain Its Rally After Outpacing Bitcoin in Spot and Futures?

For nearly two weeks, Ethereum has been confined within the $4,255-$4,500 range, in what appears to be a short-term stagnation marked by uncertainty and cautious trader sentiment.

But zooming out, experts suggest that the crypto asset’s overall upward trend remains clear.

Ether’s Multi-Front Surge Against Bitcoin

Since early August, ETH has overtaken Bitcoin in spot market dominance, capturing 32.9% of total share against BTC’s 32.6%. During the week of August 18-25, Ethereum’s share peaked at 41%, which coincided with the total ETH spot volume reaching $480 billion compared to Bitcoin’s $400 billion, according to the latest stats shared by CryptoRank.

Futures markets further validate this momentum, as ETH futures volume surpassed Bitcoin’s since mid-July and reached an all-time high of $3.08 trillion in August. Open interest currently stands at $59 billion, about 15% off its peak, showing some cooling but still reflecting substantial positioning.

A critical driver has been Ethereum ETFs, which attracted roughly $10 billion in net inflows in 2025. Cumulative ETF spot volume is approaching $200 billion, now making up 16% of ETH’s total spot volume, which is a record high. Meanwhile, BlackRock’s ETHA dominates this segment, as it handles 74% of ETF trading volume, while ETH ETF assets under management have reached $25 billion, amidst strong institutional interest.

Still, Ethereum ETFs are on their longest outflow streak since April, six consecutive days, which hints at short-term momentum loss. On-chain, Ethereum continues to set records with total value locked at $258 billion, monthly active addresses at 51.7 million, and decentralized exchange volume at $140 billion.

Furthermore, exchange balances are at a three-year low, which means that demand remains resilient. While a pause is evident, Ethereum’s broader trajectory suggests further upside potential remains intact.

Silent Compression

Altcoin Vector also echoed a similar sentiment in its latest observation and explained that the market phase has shifted away from Ethereum and toward low-cap tokens. This trend has previously signaled waning altcoin focus and often leads capital rotation back into Bitcoin. However, the picture isn’t entirely bearish for ETH.

The analysis highlights that Ethereum may be undergoing an accumulation phase, with compression building beneath the surface. This could potentially set the stage for its next upward leg once momentum returns.