š ETH fee income soars, BTC's correlation with US stocks hits a record high š
Good news came from the cryptocurrency market this week. According to Intotheblock's weekly report data, Ethereum's (ETH) weekly fee income rose sharply to $45.2 million, a record high since early June 2024.
At the same time, after a week of price increases, the amount of Bitcoin (BTC) flowing into exchanges also saw a moderate increase of more than $3.3 million, which may be due to users choosing to take profits.
What is more noteworthy is that the correlation between BTC and the US stock market has reached its highest level in the past two years. This seems to indicate that Bitcoin's price fluctuations are increasingly affected by the sentiment of traditional financial markets.
š” Viewpoint:
Some analysts believe that the sharp increase in ETH fee income reflects the increase in Ethereum network activity, which may be related to the growth of DeFi applications and the active NFT market.
The increase in BTC's correlation with US stocks may mean that the cryptocurrency market is merging with the traditional financial market. Therefore, investors may need to consider the interaction between the two more when making investment decisions.
šWhat do you think about the growth of ETH fee income and the increase in BTC's correlation with US stocks? Does this mean that the maturity of the cryptocurrency market is increasing? How should investors adapt to this change? Leave your views in the comments!
