Since Bitcoin hit the $100,000 mark, the performance of established public chains has been quite outstanding. ADA and XRP have risen by more than 27.1% and 31.8% respectively in the past week, and the most well-known established public chain "Ethereum" has been more anticipated by the market, and people are paying close attention to whether funds will rotate to Ethereum.
Finally, as Bitcoin began to pull back this week, Ethereum's strength gradually emerged: the decline was smaller than Bitcoin when it fell, and the increase was greater than Bitcoin when it rose. The ETH/BTC ratio rose nearly 7% on the 25th, rebounding 18.38% from the low of 0.03187 in the past week, and is currently quoted at 0.03775, showing signs of capital rotation.
Ethereum surges more than 13%, outpacing other top 10 coins
Ethereum prices rose all the way last night (27th), soaring to $3,684.92, a new high in more than 5 months, and a single-day increase of 13.28%. It fell slightly before the deadline, temporarily reported at $3,637.07. Although the increase in the past 24 hours narrowed to 8.83%, it is still the best performing token among the top 10 currencies.
Ethereum OI exceeds $24 billion, a new high
At the same time, the open interest of Ethereum perpetual contracts hit a new high of $24.08 billion, up 33.1% over the past week, showing that funds are flowing into Ethereum. This growth has been driven by both the participation of retail investors and the demand for institutional strategies (such as hedging or neutral positions).
The surge in open interest means that market volatility may increase, and investors need to be cautious in risk management.
From the perspective of funding rate, it is currently close to the neutral range of 2.1% per month, showing no signs of overheating in the market. Although it briefly soared to more than 4% on the 25th, it did not last. This shows that even though the price of Ethereum has risen by 17.9% in the past week, retail investors' demand for leveraged longs is still relatively mild.
Ethereum’s second bull run has begun
Regarding Ethereum’s recovery, it is expected that Ethereum’s second bull run has begun.
Using the MVRV ratio versus Ethereum price chart, he pointed out that in past crypto bull markets, Ethereum tended to experience two sharp rises, with the second rise cycle always significantly exceeding the price created by the first rise cycle. This suggests that Ethereum’s rally may continue.
ENS, EIGEN... Ethereum ecosystem tokens generally rose
This has allowed the Ethereum ecosystem to regain market attention, and several popular tokens have performed well, including:
1. $ENS (Ethereum Domain Name Service): The price soared by more than 53% in a single day, becoming the best performer among the top 300 tokens by market value, and is currently priced at $33.25.
2. $Puffer (Ethereum liquidity re-staking project): The price soared 60% in a single day and is now at $0.6546.
3. EIGEN (the native token of Ethereum re-staking project EigenLayer): The price rose 25% in a single day, breaking through $4.1, and is less than 10% away from its historical high, currently trading at $3.77.
4. INST, ENA, etc.
As Ethereum continues to perform strongly, the performance of related ecological tokens is also worthy of attention. The market may officially usher in a prosperous season for altcoins!
