2024-11-4 06:04 |
Bitcoin ($BTC) has been gaining impressive momentum, with both its price and open interest sharply rising, indicating strong upward movement.
While Ethereum ($ETH) remains stable and hasn’t yet mirrored Bitcoin’s ascent, investors are keeping a close watch for potential shifts, as ETH could soon follow BTC’s trend.
$BTC is on a roll, with both price and open interest skyrocketing, showcasing its robust upward momentum.
Meanwhile, $ETH is playing it cool, staying stable and not yet riding $BTC's wave.
But don't count ETH out—investors should keep a keen eye on a possible shift, as ETH… pic.twitter.com/vUakIoVHoH
— Kyledoops (@kyledoops) November 1, 2024
As the U.S. election week approaches, short-term implied volatility for both BTC and ETH remains elevated, standing above 72 vols. Put skews have also increased, suggesting that traders are hedging with downside protection ahead of potential market impacts from the election.
Analysts anticipate a “sell-the-news” scenario, similar to the reaction seen after the Nashville Bitcoin conference, regardless of the election’s outcome.
QCP: Short-term implied volatility remains elevated above 72 vols for the upcoming Election week for both BTC and ETH with put skews growing higher as traders load up on downside protection. Regardless of the outcome, we believe the Elections will be another sell-the-news action,…
— Wu Blockchain (@WuBlockchain) November 2, 2024
In other developments, the Ethereum ecosystem has seen some leadership changes. Calvin Liu, the Chief Strategy Officer at Eigen Foundation, resigned in September.
Recently, prominent Ethereum researchers, Justin Drake and Dankrad Feist, announced they have stepped away from their advisory roles with the EigenLayer project. The duo had joined Eigen Foundation as advisors in May 2024, receiving notable incentives in $EIGEN tokens at the time.
Calvin Liu resigned as Chief Strategy Officer of #EigenFoundation in September.
And 3 hours ago, #Ethereum researchers @drakefjustin and @dankrad announced that they dropped the #EigenLayer advisorships.
In May 2024, @drakefjustin and @dankrad announced their advisory role with… pic.twitter.com/nbMzkVmciy
— Lookonchain (@lookonchain) November 2, 2024
Ethereum Spot ETFs Shows Net Outflow Of over $10 MillionMeanwhile, Ethereum spot ETFs have shown a net outflow of $10.93 million over the past week, indicating a short-term cooling in investor sentiment for ETH.
Bitcoin spot ETF had a total net outflow of $54.9403 million on November 1, the first net outflow after the net inflow in the past 7 days. Ethereum spot ETF had a total net outflow of $10.9256 million. https://t.co/59u0BnEqLG pic.twitter.com/4z0zBmc1Jg
— Wu Blockchain (@WuBlockchain) November 2, 2024
As markets brace for potential election-driven volatility, Bitcoin continues its upward trajectory, while Ethereum stays in a holding pattern—though it may soon catch the upward momentum that Bitcoin is experiencing. Together, these factors signal an active market with a watchful eye on both assets as major events unfold.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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