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
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