Since Bitcoin surged toward $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 most well-known established public chain 'Ethereum' has been increasingly anticipated by the market, with attention on whether funds will rotate into Ethereum.
Finally, as Bitcoin began to pull back this week, Ethereum's strength gradually became apparent: it fell less than Bitcoin during downturns and rose more than Bitcoin during upturns. The ETH/BTC ratio rose nearly 7% in a single day on the 25th, rebounding 18.38% from a low of 0.03187 over 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), peaking at $3,684.92, reaching a new high in over five months, with a single-day increase of 13.28%. Before the deadline, it slight retreated, currently reported at $3,637.07, and although the 24-hour increase narrowed to 8.83%, it still remains the best-performing token among the top 10 cryptocurrencies.
Ethereum OI breaks 24 billion magnesium, a new high
Meanwhile, the open interest of Ethereum perpetual contracts reached a new high of 24.08 billion dollars, growing 33.1% over 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), both have contributed to this growth.
The surge in open interest means that market volatility may increase, and investors need to be cautious with risk management.
From the funding rate perspective, it is currently close to the neutral range of 2.1% per month, with no signs of an overheated market. Although it briefly spiked above 4% on the 25th, it did not sustain. This indicates that despite Ethereum's price rising 17.9% over the past week, retail demand for leveraged long positions remains relatively mild.
Analyst: Ethereum's second bull market has begun
Regarding Ethereum's recovery, CryptoQuant analyst Crypto Sunmoon stated early this morning that Ethereum's second bull market has begun.
He pointed out the price chart of Ethereum compared to the MVRV ratio, indicating that in past crypto bull markets, Ethereum often experienced two significant price increases, with the second rising cycle always significantly surpassing the price created during the first rising cycle. This suggests that Ethereum's upward trend may continue.
ENS, EIGEN… Ethereum ecological tokens are broadly rising
This has allowed the Ethereum ecosystem to regain market attention, with several popular tokens performing well, 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 surged 60% in a single day, now reported at $0.6546.
EIGEN (native token of Ethereum re-staking project EigenLayer): Price increased by 25% in a single day, breaking $4.1, only less than 10% away from its historical high, currently reported at $3.77.
INST, ENA, etc.
With Ethereum's strong performance continuing, the performance of related ecological tokens is worth paying attention to, and the market may officially welcome the altcoin season!
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