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:
â«ïžEthereum outperformed Bitcoin, gaining over 20% relative to BTC after ETF approvals
â«ïžThe derivatives market for ETH saw a notable uptick in trade volume, suggesting growing interest and capital flows
â«ïžSolana 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
â«ïžThe general altcoin sector gained momentum from the ETF excitement, with investors anticipating another speculative wave in the market
#UMA #SATS #MANTA #ETFExcitement #TradeNTell $BTC $ETH $BNB