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.

recent research

Research Report Templates.png

Research

Pipe Network is a decentralized content delivery network (dCDN) that replaces the sparse, capital intensive data center footprint of traditional CDNs with a permissionless mesh of independent node operators. By orchestrating under-utilized resources that already exist at the edge, rather than purchasing or leasing thousands of servers, Pipe slashes capital intensity while letting supply expand autonomously in the places where bandwidth is scarcest and most expensive.

article-image

ETH’s “breakout marks a significant structural shift and clears the path towards…$4,000,” Kraken’s OTC desk noted

article-image

Fiscal dominance isn’t about interest rates and it isn’t about Trump, either

article-image

Firestarter Storage brings decentralized storage and delivery to Solana

article-image

After lengthy closing arguments on Wednesday, the case is now in the hands of 12 jurors

article-image

Analysts cite weak trading volume and regulatory progress as factors

article-image

Builders weigh in on Ethereum’s first decade and the decisions that will define its next one