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According to a report by Kaiko, Ethereum is expected to outperform Bitcoin following the launch of its spot ETFs. Since the SEC approved Ethereum ETFs in May, the cryptocurrency market dynamics have seen significant changes. Despite a roughly 20% price drop in the last two months, Ethereum remains resilient while awaiting the ETF launch.
Current ETH/BTC Ratio
The ETH/BTC ratio, which measures Ethereum’s value against Bitcoin, is currently around 0.05. This ratio indicates Ethereum’s potential to outperform Bitcoin in terms of performance once the ETFs are operational. Compared to pre-approval levels, this ratio highlights Ethereum’s comparative strength in the market.
Liquidity conditions for Ethereum remain stable. The 1% market depth has consistently hovered around $230 million post-approval, up from below $200 million earlier this year. This flexibility in market depth indicates ongoing investor interest and trading activity in Ethereum despite recent price fluctuations.
Ethereum in the Futures Market
In perpetual futures, Ethereum’s spot markets remain resilient despite a cooling period marked by declining funding rates and open interest. The drop in funding rates signals a decrease in investor sentiment and a reduced willingness to pay high costs to maintain short positions. This situation impacts market dynamics in the short term.
Implied volatility in near-term options contracts has recently increased, especially in Deribit ETH options expiring in mid-July. This rise reflects growing market uncertainty and increased demand among traders to hedge against potential price fluctuations surrounding the ETF launch.
Strategies Being Formulated
Beyond market fundamentals, cryptocurrency investors are leveraging PolitiFi tokens to speculate on events like the US presidential elections. Designed to capture election-focused market excitement, these tokens see significant volatility and investor interest, further shaping market sentiment and trading patterns.
In the broader context of institutional adoption, many companies are allocating portions of their balance sheets to Bitcoin, following pioneers like MicroStrategy and Tesla. This move highlights Bitcoin’s growing appeal as a treasury asset amid evolving regulatory environments and varying outcomes for different institutional players.
