• bitcoinBitcoin (BTC) $ 120,158.00
  • ethereumEthereum (ETH) $ 3,016.83
  • xrpXRP (XRP) $ 2.95
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 691.16
  • solanaSolana (SOL) $ 162.47
  • usd-coinUSDC (USDC) $ 0.999810
  • dogecoinDogecoin (DOGE) $ 0.198049
  • tronTRON (TRX) $ 0.302664
  • staked-etherLido Staked Ether (STETH) $ 3,016.72
  • cardanoCardano (ADA) $ 0.735786
  • hyperliquidHyperliquid (HYPE) $ 47.37
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 119,838.00
  • stellarStellar (XLM) $ 0.452670
  • suiSui (SUI) $ 3.88
  • wrapped-stethWrapped stETH (WSTETH) $ 3,641.30
  • chainlinkChainlink (LINK) $ 15.85
  • bitcoin-cashBitcoin Cash (BCH) $ 505.56
  • hedera-hashgraphHedera (HBAR) $ 0.236249
  • avalanche-2Avalanche (AVAX) $ 21.35
  • leo-tokenLEO Token (LEO) $ 9.00
  • wrapped-eethWrapped eETH (WEETH) $ 3,232.16
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • the-open-networkToncoin (TON) $ 3.05
  • wethWETH (WETH) $ 3,018.38
  • litecoinLitecoin (LTC) $ 95.68
  • usdsUSDS (USDS) $ 0.999766
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999716
  • whitebitWhiteBIT Coin (WBT) $ 45.87
  • moneroMonero (XMR) $ 342.62
  • polkadotPolkadot (DOT) $ 3.96
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 120,125.00
  • uniswapUniswap (UNI) $ 9.18
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • bitget-tokenBitget Token (BGB) $ 4.45
  • pepePepe (PEPE) $ 0.000012
  • aaveAave (AAVE) $ 316.77
  • bittensorBittensor (TAO) $ 409.05
  • daiDai (DAI) $ 1.00
  • pi-networkPi Network (PI) $ 0.461871
  • crypto-com-chainCronos (CRO) $ 0.107501
  • aptosAptos (APT) $ 4.99
  • nearNEAR Protocol (NEAR) $ 2.60
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • ondo-financeOndo (ONDO) $ 0.924991
  • internet-computerInternet Computer (ICP) $ 5.43
  • okbOKB (OKB) $ 47.87
  • jito-staked-solJito Staked SOL (JITOSOL) $ 197.76
  • ethereum-classicEthereum Classic (ETC) $ 18.59
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • mantleMantle (MNT) $ 0.724726
  • algorandAlgorand (ALGO) $ 0.280192
  • kaspaKaspa (KAS) $ 0.085756
  • usd1-wlfiUSD1 (USD1) $ 0.999587
  • ethenaEthena (ENA) $ 0.338242
  • bonkBonk (BONK) $ 0.000027
  • vechainVeChain (VET) $ 0.024411
  • cosmosCosmos Hub (ATOM) $ 4.57
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.229702
  • arbitrumArbitrum (ARB) $ 0.405176
  • susdssUSDS (SUSDS) $ 1.06
  • pump-funPump.fun (PUMP) $ 0.005579
  • render-tokenRender (RENDER) $ 3.78
  • fasttokenFasttoken (FTN) $ 4.51
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.030332
  • official-trumpOfficial Trump (TRUMP) $ 9.43
  • gatechain-tokenGate (GT) $ 15.74
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.716678
  • sei-networkSei (SEI) $ 0.337018
  • binance-peg-wethBinance-Peg WETH (WETH) $ 3,016.46
  • worldcoin-wldWorldcoin (WLD) $ 1.05
  • filecoinFilecoin (FIL) $ 2.58
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 119,967.00
  • skySky (SKY) $ 0.076918
  • binance-staked-solBinance Staked SOL (BNSOL) $ 172.67
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.75
  • jupiter-exchange-solanaJupiter (JUP) $ 0.499009
  • kucoin-sharesKuCoin (KCS) $ 11.51
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998065
  • usdtbUSDtb (USDTB) $ 0.999742
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,165.02
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,437.69
  • spx6900SPX6900 (SPX) $ 1.52
  • usdt0USDT0 (USDT0) $ 1.00
  • celestiaCelestia (TIA) $ 1.88
  • fartcoinFartcoin (FARTCOIN) $ 1.31
  • nexoNEXO (NEXO) $ 1.31
  • story-2Story (IP) $ 4.33
  • xdce-crowd-saleXDC Network (XDC) $ 0.077814
  • blockstackStacks (STX) $ 0.796606
  • injective-protocolInjective (INJ) $ 12.43
  • flare-networksFlare (FLR) $ 0.017431
  • optimismOptimism (OP) $ 0.660436
  • mantle-staked-etherMantle Staked Ether (METH) $ 3,239.02
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 119,837.00
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 3,171.26
  • sonic-3Sonic (S) $ 0.349270
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.70
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • dogwifcoindogwifhat (WIF) $ 1.02
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,179.40
  • immutable-xImmutable (IMX) $ 0.530960
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999604
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 3,260.76
  • the-graphThe Graph (GRT) $ 0.099442
  • curve-dao-tokenCurve DAO (CRV) $ 0.708886
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 119,950.00
  • pax-goldPAX Gold (PAXG) $ 3,350.00
  • clbtcclBTC (CLBTC) $ 121,068.00
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • flokiFLOKI (FLOKI) $ 0.000097
  • wbnbWrapped BNB (WBNB) $ 690.88
  • kaiaKaia (KAIA) $ 0.155647
  • paypal-usdPayPal USD (PYUSD) $ 0.999724
  • vaultaVaulta (A) $ 0.548926
  • iotaIOTA (IOTA) $ 0.221340
  • tokenize-xchangeTokenize Xchange (TKX) $ 10.53
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 182.79
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.40
  • tether-goldTether Gold (XAUT) $ 3,345.69
  • msolMarinade Staked SOL (MSOL) $ 212.60
  • theta-tokenTheta Network (THETA) $ 0.795000
  • jasmycoinJasmyCoin (JASMY) $ 0.016061
  • galaGALA (GALA) $ 0.017107
  • lido-daoLido DAO (LDO) $ 0.862264
  • the-sandboxThe Sandbox (SAND) $ 0.308503
  • ethereum-name-serviceEthereum Name Service (ENS) $ 22.70
  • raydiumRaydium (RAY) $ 2.81
  • memecoreMemeCore (M) $ 0.438271
  • superstate-short-duration-us-government-securities-fund-ustbSuperstate Short Duration U.S. Government Securities Fund (USTB) (USTB) $ 10.75
  • aerodrome-financeAerodrome Finance (AERO) $ 0.832203
  • ousgOUSG (OUSG) $ 111.80
  • zcashZcash (ZEC) $ 43.58
  • bittorrentBitTorrent (BTT) $ 0.00000070
  • saros-financeSaros (SAROS) $ 0.260267
  • pyth-networkPyth Network (PYTH) $ 0.118592
  • chain-2Onyxcoin (XCN) $ 0.019860
  • super-oethSuper OETH (SUPEROETH) $ 3,016.48
  • tezosTezos (XTZ) $ 0.640958
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.998508
  • pendlePendle (PENDLE) $ 4.02
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 3,236.21
  • jito-governance-tokenJito (JTO) $ 1.90
  • mog-coinMog Coin (MOG) $ 0.000002
  • wrapped-hypeWrapped HYPE (WHYPE) $ 47.34
  • tbtctBTC (TBTC) $ 119,954.00
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.08
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 3,143.93
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 3,016.10
  • flowFlow (FLOW) $ 0.388632
  • falcon-financeFalcon USD (USDF) $ 1.00
  • walrus-2Walrus (WAL) $ 0.431511
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 119,290.00
  • decentralandDecentraland (MANA) $ 0.310298
  • newton-projectAB (AB) $ 0.008742
  • usual-usdUsual USD (USD0) $ 0.997666
  • morphoMorpho (MORPHO) $ 1.83
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 119,996.00
  • coredaoorgCore (CORE) $ 0.552900
  • heliumHelium (HNT) $ 2.97
  • telcoinTelcoin (TEL) $ 0.005953
  • thorchainTHORChain (RUNE) $ 1.55
  • based-brettBrett (BRETT) $ 0.054888
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 3,018.38
  • bitcoin-svBitcoin SV (BSV) $ 26.44
  • staked-hypeStaked HYPE (STHYPE) $ 47.29
  • usddUSDD (USDD) $ 1.00
  • conflux-tokenConflux (CFX) $ 0.101571
  • ripple-usdRipple USD (RLUSD) $ 0.999705
  • apecoinApeCoin (APE) $ 0.646112
  • build-onBUILDon (B) $ 0.509824
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.197950
  • starknetStarknet (STRK) $ 0.137944
  • true-usdTrueUSD (TUSD) $ 0.999798
  • 1inch1inch (1INCH) $ 0.352850
  • syrupMaple Finance (SYRUP) $ 0.447629
  • stader-ethxStader ETHx (ETHX) $ 3,209.34
  • beldexBeldex (BDX) $ 0.065605
  • reserve-rights-tokenReserve Rights (RSR) $ 0.008007
  • venomVenom (VENOM) $ 0.223639
  • kavaKava (KAVA) $ 0.429699
  • deepDeepBook (DEEP) $ 0.184533
  • compound-governance-tokenCompound (COMP) $ 48.97
  • dydx-chaindYdX (DYDX) $ 0.602907
  • aioz-networkAIOZ Network (AIOZ) $ 0.382542
  • arweaveArweave (AR) $ 6.91
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999810
  • neoNEO (NEO) $ 6.39
  • apenftAPENFT (NFT) $ 0.00000045
  • elrond-erd-2MultiversX (EGLD) $ 15.37
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 3,328.48
  • dexeDeXe (DEXE) $ 7.53
  • ether-fiEther.fi (ETHFI) $ 1.13
  • ecasheCash (XEC) $ 0.000021
  • turboTurbo (TURBO) $ 0.006049
  • eigenlayerEigenCloud (prev. EigenLayer) (EIGEN) $ 1.32
  • ether-fi-staked-btcEther.fi Staked BTC (EBTC) $ 120,042.00
  • dog-go-to-the-moon-runeDog (Bitcoin) (DOG) $ 0.004131
  • hashnote-usycCircle USYC (USYC) $ 1.09
  • usdbUSDB (USDB) $ 1.01

Ether Favored Over Bitcoin by Big Money, Here Are 3 Clues That Point to ETH Bias in Crypto Market

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Ether Favored Over Bitcoin by Big Money, Here Are 3 Clues That Point to ETH Bias in Crypto Market

The futures and options market, a proxy for big money, is increasingly backing ether

ETH$2,651.03 over bitcoin BTC$108,826.70 in a major market shift.

Bitcoin, the leading cryptocurrency by market capitalization, recently reached record highs of over $ 110,000. According to CoinDesk data, the cryptocurrency has gained over 16% this year, drawing strength from the macroeconomic factors and persistent inflows into the spot bitcoin exchange-traded funds.

Meanwhile, ether has dropped 20% this year despite its parent blockchain, Ethereum, maintaining its pole position in the decentralized finance (DeFi) and tokenization markets.

The performance gap, however, may be closed in the near term as the following indicator shows a growing bullish bias for ether.

Options indicate bullish sentiment for ether

Options listed on Deribit show a stronger bullish positioning for ether relative to bitcoin.

Options are derivative contracts that give the purchaser the right but not the obligation to buy the underlying asset at a predetermined price on or before a specific date. A call option gives the right to buy and represents a bullish bet on the market, while a put option provides protection against price drops.

As of writing, both BTC and ETH’s 25-delta risk reversals, a measure of sentiment derived by examining the difference in implied volatility (demand) between calls and puts, were positive, reflecting a bias towards call options.

However, ETH risk reversals were more expensive than BTC. In other words, traders were relatively more bullish on ether compared to bitcoin.

Ether Favored Over Bitcoin by Big Money, Here Are 3 Clues That Point to ETH Bias in Crypto Market

ETH and BTC options risk reversals. (Deribit/Amberdata)

CME futures open interest

The notional open interest in CME bitcoin futures, which represents the dollar value of the number of active contracts, has risen by roughly 70% to over $17 billion since the early April crash, according to data source Velo.

The growth, however, has stalled above $17 billion over the past seven days. The CME is considered a proxy for institutional activity.

Meanwhile, ether’s open interest has jumped 186% to $3.15 billion since the early April crash. The growth has accelerated over the past two weeks.

The diverging trends show institutions are increasingly leaning toward ether.

Ether Favored Over Bitcoin by Big Money, Here Are 3 Clues That Point to ETH Bias in Crypto Market

ETH CME futures open interest. (Velo)

Futures premiums and perpetual funding rates

The bias for ETH is also evident from the relative richness of premiums in ether futures.

As of the time of writing, one-month Ether futures boasted an annualized premium of 10.5%, the highest since January, according to Velo. Meanwhile, bitcoin futures premium was 8.74%.

Ether Favored Over Bitcoin by Big Money, Here Are 3 Clues That Point to ETH Bias in Crypto Market

ETH and BTC CME futures premiums/basis. (Velo)

Elevated premiums indicate optimism and strong buying interest, often signaling a bullish trend. Therefore, the relative richness of ether futures premium suggests traders are more bullish on ETH compared to BTC. After all, ether is still 84% short of record highs reached during the 2021 bull run.

There is also a possibility that the BTC’s basis may have been held lower by cash and carry arbitrage (non-directional) traders.

A similar divergence is observed on offshore exchanges, where annualized funding rates, representing the cost of holding long positions in ETH perpetual futures, has neared the 8% mark. Meanwhile, BTC’s funding rates hold below 5%.

Source

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