As a journalist, I have been closely following the recent developments in the cryptocurrency market. Today, I want to bring to your attention the significant impact that BlackRock’s ethereum ETF filing has had on the ETH/BTC ratio.
The Surge in ETH Trading Activity
In the past week, the ETH/BTC ratio has seen a notable growth, with ETH‘s trading activity reaching multi-month highs following BlackRock’s ethereum ETF application. This has marked a turning point for the relative performance of ETH against BTC after a prolonged period of decline.
The Influence of BlackRock’s ETF Filing
The filing of the exchange-traded fund for ethereum by BlackRock has been a game-changer, causing the ETH to BTC Ratio to witness a reversal. Since the application was made, the ratio has increased by 10%, reaching 0.05607 as of November 13th.
Implications for ETH‘s Trading Volume and Price
Since the filing, ETH has experienced a surge in trading volume across centralized exchanges, hitting $7 billion in daily spot trade volume. This has led to a significant increase in the altcoin’s price, which is now trading above $2000 per coin for the first time since April.
The Rise in Altcoin Market Share
Not only has ETH‘s trading volume surged, but the altcoin market share relative to BTC has also rallied to its highest level in more than a year. This has fueled an increase in demand for leverage in the futures market, with ETH‘s open interest recovering to pre-liquidation levels.
Positive Funding Rates for ETH
Crypto exchanges have reported only positive funding rates for ETH futures since October 1st, indicating a growing sentiment in favor of a sustained price rally. This suggests that market participants are increasingly optimistic about the future performance of ETH.
With the impact of BlackRock’s ETF filing still reverberating throughout the market, it will be interesting to see how the ETH/BTC ratio continues to evolve in the coming months. As such, investors and traders are advised to closely monitor these developments and adjust their portfolios accordingly.
In conclusion, the filing of an ethereum ETF by BlackRock has had a profound impact on the ETH/BTC ratio, leading to a surge in trading activity and market sentiment. This presents both opportunities and challenges for market participants, and it will be essential to stay updated on the latest developments in the cryptocurrency market.
### News source: eng.ambcrypto.com