๐จ ON-CHAIN WATCH: ETH VS BTC
Ethereum is roaring back on-chain after a brutal 6-year low in April. Hereโs what the data shows:
๐ Pair strength: ETH/BTC now trading at 0.0368 โ highest level this year.
๐ Spot dominance: ETH weekly spot trading volume hit a new ATH ratio of 2.71, with ETH trading nearly 3x more than BTC last week.
๐ Derivatives shift: ETH/BTC perp open interest ratio at 0.71, the highest in 14 months โ clear signs of aggressive positioning.
On-chain signal:
Liquidity is rotating. Spot buyers are favoring ETH, and perps are backing the momentum. Market structure suggests Ethereum is gaining short-term dominance, but still far from historical highs โ meaning the real upside gap remains wide open.
Keep an eye on 0.037โ0.038 zone. A clean break and hold could accelerate ETHโs relative run vs BTC.
