Ethereum Outperforms Bitcoin in Trading Volume, Will ETH Break the $5,000 Price Barrier?
September has once again seen a sharp decline in the cryptocurrency market, and this year, Ethereum has been in the spotlight. With spot, futures, and on-chain activity all hitting new highs, ETH is showing signs of stronger investor demand and holdings.
Now, all eyes are on whether it can break the $5,000 barrier.
Ethereum leads in trading volume
Since early August, Ethereum has quietly surpassed Bitcoin in spot trading market share. ETH now accounts for 32.9% of spot volume compared to Bitcoin's 32.6%, a small but significant gap. At its peak, ETH had a 41% market share with a $480 billion spot volume, far surpassing Bitcoin's $400 billion.
The futures market has shown a similar trend. Ethereum futures trading volume surpassed Bitcoin in mid-July and continued to hit a record $3.08 trillion in August. Ethereum futures reached a record $3.08 trillion in August, with open interest of nearly $59 billion, reflecting steady investor demand.
On-chain activity is also booming, with $258 billion locked in DeFi, 51.7 million monthly active addresses, and $140 billion in DEX transactions. Meanwhile, ETH balances on exchanges have dropped to a three-year low, indicating strong holding demand.
Ethereum ETF Demand Explodes
Much of Ethereum’s rally this year has been driven by ETFs. In 2025 alone, ETH ETFs attracted nearly $10 billion in net inflows. These products have become a major force in the market, with cumulative ETF trading volume reaching nearly $200 billion. In fact, ETFs now account for a record 16% of all ETH spot trading.
Meanwhile, BlackRock’s ETHA fund led the way, accounting for 74% of ETF trading activity. Today, after six consecutive days of outflows, the ETH ETF saw $44.2 million in inflows , all of which came from BlackRock alone.
Ethereum Price Analysis: Can ETH Break $5,000?
Ethereum has been trading in a tight range since August, with bulls and bears battling for control. The $4,956 mark remains the biggest hurdle that has stalled ETH’s most recent rally, while $4,310 is a key floor that has held it.
If ETH slides below $4,250, the next stop could be $4,000 or even $3,874, levels that are tied to both Fibonacci retracements and past reaction zones. However, so far, Ethereum’s 200-day SMA and EMA are trending up, providing bulls with an important safety net.
History shows that Ethereum rarely stays below these moving averages during strong bull runs. If buyers can finally push ETH above $5,000, the rally could quickly reverse, with targets of $5,500 and even $6,000 in sight.