According to Glassnode, following the approval of spot BTC ETFs, ETH and altcoins experienced a rally, with ETH outperforming BTC for the first time since October 2022. Key takeaways of the report include:

⚫️Ethereum outperformed Bitcoin, gaining over 20% relative to BTC after ETF approvals

⚫️The derivatives market for ETH saw a notable uptick in trade volume, suggesting growing interest and capital flows

⚫️Solana emerged as a strong competitor in the Layer 1 blockchain space in 2023, although it did not see significant strength after the BTC ETF approvals

⚫️The general altcoin sector gained momentum from the ETF excitement, with investors anticipating another speculative wave in the market

#UMA #SATS #MANTA #ETFExcitement #TradeNTell $BTC $ETH $BNB