- 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.
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
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.
NFTs
Information from ARK Invest suggest a majority of NFT demand comes in the form of collectibles, as seen in the following chart:
Trading data from OpenSea and Solanalysis of some of the top Solana and Ethereum projects can be found below:
If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.
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The post ETH Looking Strong Against BTC: Markets Wrap appeared first on Blockworks.
