OKX’s Global Chief Commercial Officer, Lennix Lai, has shared insights on latest trading data especially as BTC reaches a new fresh ATH. According to Lai, the latest trading data reveals that Ethereum has surpassed Bitcoin as OKX’s most traded cryptocurrency.
Ethereum has captured 27% of spot volume despite BTC recently setting a new all-time high of $110,730. Ethereum overtaking Bitcoin is a first for this year.
As per OKX, which is licensed in the UAE, the numbers tell the story. ETH now captures nearly 27% of spot volume versus Bitcoin’s 26.5%, completely flipping April’s dynamic when BTC dominated at 38% while Ethereum lagged below 20%.
According to Lai, this signals a distinct rotation as traders reposition while Bitcoin consolidates near all-time highs, despite BTC recently hitting a fresh record of $110,730. Even with the SEC’s delays on ETH staking ETFs, the Ethereum narrative is clearly gaining traction, potentially driven by anticipation around upcoming upgrades (e.g. Fusaka) and bullish news of TradFi institutions building Ethereum L2s to tokenize RWAs.
He adds, “What makes this shift even more remarkable is that it’s happening amid surging overall activity – we saw spot trading volume jump by 60% week-over-week in the second week of May, with momentum continuing as volumes climbed another 6% the following week while both ETH and BTC continued their rallies. The timing of this shift really shows us how the market is maturing.”
With Bitcoin futures open interest hitting a record $72 billion, Coinbase joining the S&P 500, and the GENIUS Act clearing the Senate in the US, OKX is seeing more clarity and potentially even deregulation in certain jurisdictions.
Lai concludes, “I think these are early signs of a more sophisticated market cycle where capital flows toward growth potential rather than simply chasing Bitcoin’s momentum. While corporate treasuries keep adding Bitcoin to their books, Ethereum’s comeback on our platform suggests we’re entering a more nuanced phase where traders are backing multiple horses in this bull market rather than putting all their chips on Bitcoin.”
