Journalist
Posted:
- The ETH/BTC ratio has shown some growth over the past week.
- ETH trading activity has surged to a multi-month high following the BlackRock Ethereum ETF filing.
The Ethereum [ETH] Unpleasant Bitcoin [BTC] The ratio climbed to new highs last week after asset management giant BlackRock archived for an exchange-traded fund (ETF) for Ethereum.
The ETH/BTC ratio, which measures the relative performance of ETH versus BTC, has fallen over the past year. This underlined the sharp decline in the values of ETH and the overall altcoin market.
Crypto research firm Kaiko, in a new reportdiscovered that the ratio:
“Since The Merge, the trend has been down, even though ETH underwent another successful upgrade in April.”
However, sentiments improved significantly after news of BlackRock’s filing became public, marking a reversal of fortunes. At 0.05607 on November 13, the ETH/BTC ratio is up 10% since filing on November 9.
Source: Kaiko
All thanks to BlackRock
Since filing, ETH has seen a significant increase in trading volume on centralized exchanges. Kaiko found that the daily Spot Trade Volume reached $7 billion after the application was submitted.
This represented the highest level since the collapse of cryptocurrency exchange FTX in November 2022.
Source: Kaiko
Furthermore, increased trading activity around the leading altcoin has seen it exchange hands above the $2,000 price level for the first time since April. At the time of writing, ETH was trading for $2060 per coin, according to data from CoinMarketCap.
In addition to an increase in ETH trading volume, altcoin market share has increased since the BlackRock filing.
According to Kaiko’s report:
“Altcoin + ETH volume market share versus BTC has increased to 60%, the highest level in over a year.”
As the price of the alt rises, futures market participants have increased their demand for leverage in anticipation of a continued price increase. At $7.17 billion at the time of writing, ETH Open Interest has recovered to levels seen before the market-wide liquidation in August.
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Likewise, according to Kaiko, the coin’s funding rates are:
“Have also risen to the highest level in more than a year, indicating that sentiment has turned.”
According to data obtained from Coinglass, crypto exchanges have only seen positive funding rates for ETH since October 1. This shows that participants in the coin futures market have been continuously placing bets in favor of a continued price increase.
Source: Coinglass