Ethereum (ETH) Ready to Hit 0.05 Bitcoin (BTC) as Large Investors Drive Price Higher
ETH has made a new all-time high at $2,735 today, and against BTC, it has risen to 0.04943, a level not seen since August 2018.
With this ETH 30-day price correlation with BTC has fallen to its lowest number in over two years, a multi-year low of -0.18. BTC -2.69% Bitcoin / USD BTCUSD $ 49,543.04
-$1,332.71-2.69% Volume 56.85 b Change -$1,332.71 Open $49,543.04 Circulating 18.71 m Market Cap 926.99 b 4 min 70% Bitcoin Mining Pools Give Signal to Taproot’s Second Attempt 25 min Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital 51 min Aker ASA Considering Accepting Bitcoin as Payment; Elon Musk’s Remarks Change Nothing
As of writing, ETH/USD is trading around $2,725.
As IntoTheBlock noted, this rally was driven by large investors. The volume transacted in on-chain transactions greater than $100k has reached its highest value ever at $20.95 billion, which has been an impressive 91% of the total on-chain volume.
This can also be seen on CME, where volume and open interest both have been increasing rapidly this month. Trading volume has grown from $100 million to $700 million in April, while OI has surged from under $100 million to $360 million, 133.46k ETH. Trader Cantering Clark noted,
“So ETH is about to make new highs on a far lower than previous high OI. Spot buyers are strong, and perp buyers are sidelined and not committed yet. Super bullish.”
The funding rates that were heating up were brought down during the last two weeks of correction, which resulted in traders losing billions of dollars in liquidations.
On Ether perpetual contracts, the funding rate is currently between 0.01% and 0.03%, with the highest on BitMEX at 0.2026%.
The same is the case for bitcoin perpetual contracts, which have normalized to the highest point currently is 0.0404% on OKEx. On some exchanges, it is even still negative.