Analysts drew attention to an increase in open interest in perpetual contracts for the second largest cryptocurrency on the exchange by capitalization Bybit ($8.9 billion). Interest is now higher than interest in Bitcoin perpetual contracts ($6.7 billion).
This is the result of a thoughtful strategy of investors, and not a massive closing of positions by traders, according to Block Schools and Bybit Analytics. The turning point in market sentiment came after the chairman of the US Securities and Exchange Commission (SEC) Gary Gensler (Gary Gensler) announced his resignation by January 20.
“Futures expiring in a week are trading nearly 25% above spot at an annualized rate. The act of institutions capturing the basis is seen as a factor in the strong influx into spot ETH-ETF. The asset has all the prerequisites for a rally in January to the $4,000 level,” the forecast states.
Over the past month, ether was able to surpass Bitcoin in growth rates – 34% versus 31%. The volume of funds flowing into ether-based products indicates a continued positive trend in the medium term, experts from Block Schools and Bybit Analytics noted.
Block Scholes and Bybit Analytics believe that an additional impetus for the growth of ether quotes next year may come from a change in regulatory policies from repressive to liberal.
Earlier, experts from QCP Capital explained the decline in the rate of major cryptocurrencies by the fact that investors are switching their attention from Bitcoin to Ethereum.
Source: Bits
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