Key Metrics Show Crypto Traders Turning to Ether From Bitcoin
Futures and options market metrics suggest traditional finance players and sophisticated market participants may soon rotate money into ether from bitcoin.
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Futures and options market metrics suggest traditional finance players and sophisticated market participants may soon rotate money into ether from bitcoin.
Moving to an exchange could suggest the investor is likely to sell the asset for stablecoins or other tokens.
Ether is up 70% year-to-date, but NFT indexes are still down 16% in dollar terms and 50% when denominated in ether.
AVAX is up 8% in the last 24 hours, while bitcoin is trading below $36,500.
Fees spiked to as high as 270 gwei late on Thursday, the data shows, temporarily touching a level last seen in June 2022.
Bitcoin hit an 18-month high near $38,000 before pulling back sharply.
Asset management giant BlackRock registered a Delaware company for a spot ether trust, fueling speculations about a potential ETF filing.
BlackRock declined to comment on the filing.
The Ethereum blockchain settled $250 billion of transactions last week, the highest since mid-March, underpinning ether’s bullish outlook.