Ethereum Finally Flips Bitcoin — But Not in the Way You Think
Ethereum is now flipping Bitcoin for corporate treasury stock trading, according to crypto analyst Miles Deutscher, who cited data from Blockworks on Wednesday.
The researcher opined that Ethereum “still has a lot of catch-up to do vs BTC, and is the far less saturated trade.”
The chart depicts a huge uptick in trading of the leading Ether treasury companies, BitMine Immersion Technologies (BMNR), and SharpLink Gaming (SBET).
Trading volume for Tom Lee’s Ether treasury firm has now flipped that of Michael Saylor’s Strategy (MSTR), according to the data.
The daily average volume in BMNR shares traded is almost 48 million, which is four times higher than the 12 million daily average for MSTR, according to Google Finance.
This is a crazy chart.$ETH is now flipping $BTC for Treasury Company trading volume.
Tbh, looking at this image makes me think ETH still has a lot of catchup up to do vs BTC, and is the far less saturated trade. pic.twitter.com/SyAZ3LAKJy
— Miles Deutscher (@milesdeutscher) August 20, 2025
Ether Treasury Race to The Top
BitMine is now one of the most widely traded stocks in the US, the firm reported earlier this week. According to data from Fundstrat, the stock has traded an average daily dollar volume of $6.4 billion, ranking tenth in the US, it added. Stock traders have been touting the asset since Lee took over and started stacking ETH.
The shares have surged more than 1,100% since late June when the Ether treasury was announced.
$BMNR HAS +100% UPSIDE IN THE NEXT 6 MONTHS
This stock had lots of attention brought to it after Tom Lee hoped on board.. The company is a duplicate of $MSTR however instead of compounding $BTC, its holds $ETH $ETH is the core of the blockchain and with the growth of… pic.twitter.com/OTkThzsH8m
— StockTrader_Max (@StockTrader_Max) August 20, 2025
BitMine is the world’s largest Ether treasury company and the world’s second-largest crypto treasury firm with 1.5 million ETH worth around $6.5 billion, according to SER. Additionally, the volume flipping doesn’t seem to be limited to stock trading.
Weekly spot trading volumes for ETH just hit an all-time high compared with BTC, observed analyst ‘Crypto Gucci’ on Wednesday. Ethereum traded nearly three times the volume of Bitcoin over the past week, they said before adding, “The flippening isn’t theory anymore, it’s playing out in real time.”
Weekly spot trading volumes for $ETH just hit an all time high vs $BTC
Ethereum traded nearly 3x the volume of Bitcoin over the past week
This is no longer Bitcoin’s market
The liquidity, the momentum, the energy
It’s all moving to #EthereumThe flippening isn’t theory… pic.twitter.com/M3znpwQkdj
— Crypto-Gucci.eth ᵍᵐ (@CryptoGucci) August 20, 2025
It was also reported this week that the amount of ETH on centralized exchanges has dropped to its lowest level in nine years.
ETH Price Recovers
Ether prices have started to recover from this week’s pullback, gaining 2.8% on the day to reclaim the $4,300 level.
The asset fell to a fortnightly low of just below $4,100 on Wednesday, but markets are starting to recover today.
More volatility could be ahead as all eyes are now focused on Federal Reserve Chair Jerome Powell’s speech at Jackson Hole on Friday.
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