ETH Looking Strong Against BTC: Markets Wrap

Ethereum has outperformed Bitcoin over the past 5 days as derivative activity picks up

article-image
share

key takeaways

  • ETH outperformed BTC over the past five days as derivatives activity picks up
  • OpenSea begins 2022 with a bang

The ETH/BTC ratio has rallied roughly 4.7% over the past five days as ETH outperforms BTC.

Ethereum based derivatives activity has resurged over the past week.

OpenSea opens 2022 with a bang, on pace for record monthly volume.

Latest in Macro:

  • S&P 500: 4,793, -0.06%
  • NASDAQ: 15,622, -1.33%
  • Gold: $1,814, +0.60%
  • WTI Crude Oil: $77.21, +1.49%
  • 10-Year Treasury: 1.649%, +0.032%

Latest in Crypto:

  • BTC: $46,155, -0.30%
  • ETH: $3,813, +1.40%
  • ETH/BTC: 0.0826, +1.98%
  • BTC.D: 39.41%, -0.69%

ETH/BTC

ETH has outperformed BTC over the past five days with the ETH/BTC ratio up 4.72%, hovering near .0825, according to data from Trading View.

Source: Trading View

ETH derivatives picking up

According to information from intotheblock:

  • Perpetual funding rates on top exchanges are turning positive
  • Swap volume of perpetuals futures contracts have topped $22 billion again
  • Perps open interest is perking up
Source: intotheblock
Source: intotheblock
Source: intotheblock

OpenSea volume explodes

OpenSea is eyeing a $13 billion valuation, according to Eric Newcomer.

Trading volume on OpenSea has exploded to start out 2022, with roughly $870 million of volume in the first four days of the new year, according to data from Dune Analytics. This puts OpenSea on pace for $6.74 billion in monthly trading volume. For comparison, that would be nearly double the current high of $3.42 billion seen in August 2021.

Source: Dune Analytics

NFTs

Information from ARK Invest suggest a majority of NFT demand comes in the form of collectibles, as seen in the following chart:

Source: Ark Invest

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 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

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

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.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Silk Road founder Ulbricht made a triumphant return to the Bitcoin Conference, 10 years on from sentencing

article-image

A Blockworks Research report looked at who could take up some of the marketshare in the launchpad space

article-image

Business-to-business stablecoin payments are on the rise, per a report from Artemis, Dragonfly and Castle Island

article-image

Crypto continues to do its thing: incentivizing behavior

article-image

Kraken will soon offer Backed ‘xStocks’ as Solana tokens

article-image

In a unanimous decision, the US Court of International Trade has ruled that Trump’s IEEPA tariffs are unlawful