Recently, compared to Bitcoin consolidating at a low of $90,000, Ethereum's performance has been stronger. CoinGecko data shows that Ethereum has broken through $3,400, currently reported at $3,410, up 1% in the last 24 hours and 4% in the last 7 days. In contrast, Bitcoin is down 1.1% in the last 24 hours, and earlier today even briefly fell below $90,000, hitting a low of $92,868.96.
ETH/BTC ratio rebounds by 2.3%
As Ethereum strengthens, the ETH/BTC ratio has rebounded by 2.3% from a low of 0.03575 this morning, reaching a high of 0.03657 around 9 o'clock, setting a new high for the week.
As of the deadline, the ETH/BTC ratio is reported at 0.03633, up 1.48% in the last 24 hours.
BTC.D drops to 57.63%
At the same time, with Bitcoin showing weakness, BTC.D (Bitcoin market dominance) has declined, dropping to a low of 57.63%, which is a decrease of 6.33% compared to the peak of 61.53% last month. As of the deadline, BTC.D has slightly rebounded to 57.75%, down 0.43% in the last 24 hours.
The decline in BTC.D and the relative strength of ETH has led the market to be optimistic about ETH regaining dominance next year and potentially leading a new round of altcoin season.
The proportion of long-term holders of ETH exceeds that of Bitcoin by 10%
The strong belief in Ethereum is not just talk. IntoTheBlock tweeted last night about the trend of long-term holder ratios for Bitcoin and Ethereum over the past year. The data shows that the proportion of long-term holders of Bitcoin has gradually declined, while that of Ethereum has continued to rise, surpassing Bitcoin in March of this year.
As of now, data shows that the proportion of long-term holders of Bitcoin is 62.31%, while Ethereum has reached 75.06%.
Bitfinex's ETH leveraged long positions grew by 50% in a week
Additionally, Coinglass data shows that the leveraged long position of ETH on Bitfinex has grown from less than 71,000 ETH on December 22 to currently 104,847.23 ETH, an increase of 48%. This reflects the market's high expectations for ETH's future rise during its low-level consolidation.
On-chain data analyst Ai Yi also noted that a smart money whale (address starting with 0xEd0) withdrew 40,000 ETH from Bitfinex 2 hours ago, worth approximately $133 million, with an average price of $3,326.7. Subsequently, the whale deposited 20,000 ETH into Aave and borrowed 40 million USDC, which has now all been recharged to Binance, possibly preparing for further accumulation.
Does the recent trend of ETH and the operations of whales indicate that Ethereum will rise strongly? Is an altcoin season about to bloom? This is worth close attention.
