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

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 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.

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.

recent research

LTIPPanalysis.png

Research

This report is a retroactive analysis of Arbitrum's Long Term Incentives Pilot Program (LTIPP). We collect relevant data at a protocol level and review bi-weekly updates to analyze recipients, their strategies, and the impact of the incentives on high level growth metrics. In particular, we want to highlight outperformers and underperformers, and glean any best practices or lessons learned for protocols distributing ARB incentives in the future. The overarching goal is to synthesize lessons learned that the DAO can reference as it begins thinking about future incentives programs–namely, the working group for incentives that is being actively discussed–especially as Timeboost introduces new conditions for trading and economic activity.

article-image

OFAC sanctioned Tornado Cash in 2022, claiming the mixer had been used to launder more than $7 billion in crypto

article-image

The Fed’s preferred inflation gauge showed that prices increased 0.2% from September and 2.3% annually

article-image

While acknowledging potential headwinds for risk assets, Galaxy’s Alex Thorn notes there are also plenty of catalysts

article-image

BuilderNet is a new block building network designed to return more MEV and gas fees to users

article-image

Ledn’s John Glover gives some price targets to watch for bitcoin

article-image

Sponsored

AI project Zerebro intersects the spheres of artificial intelligence, finance, art, music, and culture