The ether-bitcoin ratio rose more than 2% past week. The gain is inconsistent with its record of taking losses during bouts of risk aversion.
As of now, at least 16 applications for ether futures ETFs or ether-bitcoin futures ETFs are awaiting regulatory approval in the U.S., according to"As awareness of the upcoming listings spread, we should start to see interest pick up further," Acheson told CoinDesk, adding that more investment could boost Ethereum's on-chain activity, increasing the
burned each day."This could add a further tailwind to the price, boosting the number of on-chain transactions even further, creating more transaction fees, more burns, more supply reduction, and so on."Meanwhile, Markus Thielen, head of research and strategy at crypto services provider Matrixport, said bitcoin's bigger decline mainly stems from a lack of interest in ether and other coins.
"As the crypto market has become rather illiquid, with several market makers stepping away from crypto and exchanges have removed zero-fee trading, the larger players have focused on bitcoin instead of trading the illiquid altcoins. This is why bitcoin underperformed when the market crashed last week," Thielen told CoinDesk.
Liquidity, or the ability of the market to absorb large orders at stable prices, has deteriorated significantly since the collapse of Sam Bankman Fried's FTX exchange last November. The situation has worsened since the U.S. Securities and Exchange Commission cited several altcoins as securities in its lawsuits against Binance and Coinbase. Altcoin liquidity on U.S.
"For BTC, I think market makers' hedging contributed to the price drop, but for ETH, it was a key factor that prevented the price from falling sharply," Ardern said."ETH had solid positive gamma near the strike price of around $1,600, and its total gamma is still positive, which means that when the price falls, market makers are buyers rather than sellers."
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