ETH Outperforms BTC as the Market Attempts Recovery: Markets Wrap

ETH continues to outperform BTC as the digital asset market attempts a recovery, ETH market structure looks bullish

article-image

Blockworks Exclusive Art by axel rangel

share
  • The ETH-to-BTC ratio has been trending upwards as ETH gains momentum
  • ETH market structure implies bullish price action could be nearing

ETH continues to outperform BTC as the digital asset market recovers from last weekend’s sell-off.

ETH issuance continues to decline post-EIP-1559 implementation.

92% of all Ethereum addresses are in a state of profit.

Perpetual funding rates show relatively neutral sentiment among traders, except for Bitmex where traders are getting aggressive.

A look into the latest prices for top NFT collections.

Latest in Macro:

  • S&P 500: 4,701, +0.31%
  • NASDAQ: 15,786, +0.64%
  • Gold: $1,783, -0.04%
  • WTI Crude Oil: $72.65, +0.83%
  • 10-Year Treasury: 1.528%, +0.048%

Latest in Crypto:

  • BTC: $50,174, -0.39%
  • ETH: $4,384, +2.42%
  • ETH/BTC: 0.0874, +2.63%
  • BTC.D: 40.56%, -1.42%

Ethereum

ETH continues to outperform BTC as the digital asset market recovers from last weekend’s sell-off. The ETH/BTC ratio has broken out of a multi-month range after firmly breaking out over the .08 level on Dec. 4. The trend has continued and is running toward levels not seen since early 2018.

Source: Trading View

Ethereum issuance has fallen since the implementation of EIP-1559 back in August. 1.147 million ETH has been burned over that period, leading to a net reduction of 68.35%, according to data from watchtheburn.com.

Source: watchtheburn.com

61.52 million addresses holding ETH, or 92% of all addresses, are in a state of profit according to data from intotheblock.com.

Source: Intotheblock.com

Perpetual funding rates for ETH hold a slightly positive bias across all exchanges, except for Bitmex where traders are getting a bit aggressive according to data from laevitas.ch. The higher the funding rate, the more expensive it is for longs to keep positions open.

Source: Laevitas.ch

A Genesis report noted some layer-2 developments over the month of November include:

  • Metis, an Optimism fork that allows data to be stored on IPFS, launched a $100 million ecosystem fund at the beginning of the month22.
  • And StarkWare, which relies on a different layer-2 technology (ZK rollups), raised $50 million at a $2 billion valuation23 to accelerate expansion of the network.

Non-Fungible Tokens (NFTs)

Trading data from OpenSea and Solanalysis of some of the top Solana and Ethereum projects can be found below:

Top Ethereum Projects
Top Solana Projects

If you made it this far, thanks for reading! I am looking forward to catching up on tomorrow.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (3).png

Research

South Korea is emerging as one of the most important global hubs for regulated digital assets, and Upbit sits at the center of this shift. Naver’s proposed acquisition could create the country’s dominant super app for payments, trading, and digital finance. This report breaks down the numbers, the regulatory tailwinds, the economics of the deal, and why the merger may unlock one of the most attractive asymmetries in Korea’s public markets.

article-image

Lido unveils a new buyback plan while BTC treasury companies slip below mNAV — can either model can truly return value?

article-image

If financial nihilism has driven you into memecoins, zero-day options, and sports betting, consider financial optimism instead

article-image

A new Sui-based protocol promises to unlock Bitcoin’s idle liquidity and eliminate wrapped-token risk

article-image

Could blockchain rails finally realize Ted Nelson’s non-linear, pro-creator “docuverse”?

article-image

What does Uniswap’s proposal to activate protocol fees and unify incentives mean for UNI token holders?

article-image

A recent mistrial illustrates how juries need more background information when it comes to judging complex systems like Ethereum