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Ethereum (ETH) is attracting investor attention as capital flows shift away from Bitcoin (BTC), with derivatives market activity indicating strong near-term bullish sentiment for the second-largest cryptocurrency by market cap.
Over the weekend, ETH saw an increase in open interest alongside increased implied volatility, indicating growing confidence among derivatives traders. This momentum has translated into a significant price rally, with ETH gaining over 6% in the past 24 hours to trade at a peak of $3,513. In contrast, Bitcoin saw a modest 0.5% decline.
Wintermute analysts highlighted a clear shift in favor of ETH in their weekly crypto market update. “Flows over the last few sessions have shifted in favor of ETH, with open interest on exchanges reaching all-time highs over the weekend,” the firm said.
This shift was evident by a sharp increase in implied volatility for ETH and a 12-month high in the put-call skew, reflecting a growing preference for upside risk. “Large blocks over the weekend included December 27 ETH call spreads with strike prices ranging from $3,600 to $5,000,” Wintermute reported. The analysts also noted that recent ETH call contracts were trading at a premium of 8-10 points, which could fuel hedging activity via 10-25 day risk reversals.
ETH’s bullish momentum has spilled over to altcoins, particularly ERC20 tokens. Over-the-counter (OTC) demand has surged, with the Pepe memecoin emerging as a standout performer. Pepe has gained over 54% in the past two weeks, driven by its growing popularity in Layer 2 ecosystems.
*This is not investment advice.