Since Bitcoin surged towards $100,000, the performance of established public chains has been quite good, with ADA and XRP rising over 27.1% and 31.8% respectively in the past week, while the well-known established public chain 'Ethereum', which has been slow to gain momentum, is increasingly anticipated by the market, focusing on whether funds will rotate towards Ethereum.

Finally, as Bitcoin began to correct this week, Ethereum's strength gradually emerged: its decline was smaller than Bitcoin's, and its increase also surpassed Bitcoin's. The ETH/BTC ratio rose nearly 7% on the 25th, rebounding 18.38% from a low of 0.03187 in the past week, currently at 0.03775, showing signs of fund rotation.

Ethereum rises over 13%, surpassing other top ten tokens

Ethereum's price surged last night (27th) to a maximum of $3,684.92, marking a new high in over five months, with a daily increase of 13.28%. Before the deadline, it slightly retreated to $3,637.07. Although the increase in the last 24 hours has narrowed to 8.83%, it remains the best-performing token among the top 10 currencies.

Ethereum OI breaks 24 billion USD to reach a new high

Meanwhile, the open interest of Ethereum perpetual contracts reached a new high of $24.08 billion, growing 33.1% in the past week, indicating that funds are flowing towards Ethereum. Whether it is the participation of retail investors or institutional strategy demands (such as hedging or neutral positions) that drive this growth.

The surge in open interest indicates that market volatility may increase, and investors should be cautious with risk management.

From the perspective of funding rates, it is currently close to the neutral range of 2.1% per month, showing no signs of market overheating. Although it briefly surged above 4% on the 25th, it did not sustain. This indicates that even though Ethereum's price has increased by 17.9% in the past week, retail demand for leveraged long positions remains relatively moderate.

Analyst: Ethereum's secondary bull market has begun

Regarding Ethereum's recovery, CryptoQuant analyst Crypto Sunmoon stated early this morning that Ethereum's secondary bull market has begun.

He pointed out the chart comparing the MVRV ratio with Ethereum prices, indicating that during the past crypto bull markets, Ethereum often experienced two significant price increases, with the second increase always significantly surpassing the price created by the first increase. This suggests that Ethereum's upward momentum may continue.

ENS, EIGEN... Ethereum ecosystem tokens saw a general rise

This has allowed the Ethereum ecosystem to regain market attention, with several popular tokens performing excellently, including:

  • ENS (Ethereum Name Service): Price surged over 53% in a single day, becoming the best performer among the top 300 tokens by market cap, currently at $33.25.

  • Puffer (Ethereum Liquidity Re-staking Project): Price skyrocketed 60% in a single day, currently at $0.6546.

  • EIGEN (the native token of the Ethereum re-staking project EigenLayer): Price increased by 25% in a single day, breaking $4.1, currently just under 10% away from its historical high, now at $3.77.

  • INST, ENA, etc.

As Ethereum's strong performance continues, the performance of related ecosystem tokens is worth paying attention to, and the market may officially welcome altcoin season!