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FOMO Frenzy Hits ETH: Is Another Ethereum Rally Brewing as Traders Panic?
The cryptocurrency market has witnessed a tumultuous period lately, with the price of Ethereum (ETH) skyrocketing by over 50% in the past month. The recent FOMO-driven volume spike resulted in a staggering 5.8% ETH-BTC movement. New data suggests that this rally may not be done yet, as a second bullish wave is on the horizon.
The leading crypto asset’s price ratio against Bitcoin has dropped by an astonishing 5.8% in the past 60 hours. A significant FOMO-driven trading volume spike similar to early May’s pattern preceded a local top, indicating that it could foreshadow another rally. If trading and social volumes continue declining for the remainder of the week, Santiment believes it would be a strong signal of an impending second bullish wave.
This trend could arise as impatient retail investors and profit-taking behavior set the stage for renewed upside momentum. On the other hand, Ethereum’s spot trading volumes have surpassed Bitcoin’s recently for the first time in over a year, amid growing interest from altcoin enthusiasts as “altseason” gains traction.
Last week, ETH’s spot trading hit $25.7 billion, exceeding Bitcoin’s $24.4 billion. Zooming out, altcoin spot volumes reached $67 billion on July 17, the highest since March, indicating capital rotation across the crypto market. This optimism aligns with a growing appetite among institutional investors seeking direct exposure to ETH through a regulated investment vehicle.
Institutional demand for Ethereum remains strong one year after US-based spot Ether ETFs were launched. Nine ETFs from prominent companies like BlackRock and Fidelity have collectively attracted $8.65 billion in net inflows, according to SoSoValue data. This represents an uninterrupted 14-day streak of inflow, a testament to the confidence in Ethereum’s long-term role within portfolios.
Institutional interest in Ethereum extends beyond ETFs, with numerous public companies now adding ETH to their treasuries as part of strategic diversification approach. Companies such as SharpLink Gaming, BitMine Immersion Technologies, Bit Digital, Coinbase, BTCS, and GameSquare Holdings have publicly disclosed their Ethereum holdings.
SharpLink, for instance, holds an impressive 360,807 ETH, while BitMine has accumulated 300,657 ETH. In addition to the aforementioned firms, Coinbase maintains a treasury of 137,300 ETH, followed by Bit Digital and BTCS, which hold 120,306 ETH and 55,788 ETH, respectively.
Source: cryptopotato.com
