
Over the last week, Ethereum has surpassed Bitcoin as the cryptocurrency market maintains a positive trajectory.
In their recent derivatives analytics report, Bybit and Block Scholes shed light on Ethereum’s (ETH) impressive performance relative to Bitcoin (BTC) during this timeframe. Bybit is a global cryptocurrency exchange ranked as the second-largest in the world by trading volume, while Block Scholes is a sophisticated research and data analytics firm based in London.
The joint report from the two organizations indicates that perpetual swaps for Ethereum have shown a consistent increase in open interest. Conversely, open interest for BTC diminished following Bitcoin’s retreat from peaks near $100,000 it reached last week.
The report from Bybit and Block Scholes highlights that Ethereum’s price has appreciated more than Bitcoin’s in this period. Data from crypto.news market data indicates that ETH has risen over 8% this past week, whereas Bitcoin has dropped by -1.6%. This shift comes after the announcement that U.S. Securities and Exchange Commission Chair Gary Gensler will depart from his position on January 20, 2025.
Other cryptocurrencies such as XRP, Cardano, Stellar, and Polkadot have also shown strong performance during this timeframe, with Gensler’s resignation sparking optimism throughout the sector.
“This trend reflects investor sentiment, with many expecting a change in the SEC’s leadership by January 25, 2025, which may lead to a more favorable approach to cryptocurrencies,” the report states in part.
Ethereum reached a high of $3,682 on November 28, while Bitcoin’s price dipped to $90,911 after hitting an all-time high of $99,531.
The pullback from the vicinity of the $100K threshold has resulted in constrained money volatility, with short-term options falling below 60%.
The report suggests that this mirrors the trends seen since the U.S. election, with prices declining amid decreasing realized volatility. Despite the open interest in calls and puts remaining stable, the appetite for short-term BTC options has reduced over the past week.
In contrast, ETH options continue to draw heightened interest in call options, positioning the altcoin as a leader in trading volumes and open interest across the market.