Bybit x Block Scholes report

Ethereum outperformed Bitcoin last week as the cryptocurrency market continues to show a bullish outlook.

Bybit and Block Scholes highlighted the strong performance of Ethereum (ETH) compared to Bitcoin (BTC) last week in their latest derivatives analysis reports. Bybit is the world’s second largest global crypto exchange by volume, while Block Scholes is a London-based advanced research and data analytics company.

A joint report by the two companies notes that continuous swaps for Ethereum have shown a steady increase in open interest. In contrast, open interest in BTC has slowed after the flagship cryptocurrency fell to the highs of around $100,000 reached last week.

Bybit and Block Scholes stated in the report that the Ethereum price increased more than Bitcoin during this period. Looking at Crypto.news market data shows ETH is up more than 8% in the past week compared to Bitcoin’s -1.6%. This follows news that U.S. Securities and Exchange Commission Chairman Gary Gensler will be leaving the agency on January 20, 2025.

Cryptocurrencies such as XRP, Cardano, Stellar, and Polkadot have outperformed during this time, and Gensler’s resignation has increased optimism across the industry.

“This trend reflects investors’ optimism, with many predicting a change in the SEC’s leadership by January 25, 2025, which could bring a more positive stance towards cryptocurrencies,” reads part of the report.

Ethereum reached its weekly high of $3,682 on November 28. The price of Bitcoin fell to $90,911 after reaching its all-time high of $99,531.

The decline in the region close to the 100 thousand dollar limit shows that the currency volatility structure is restricted and short-term options have fallen below 60%.

According to the report, this reflects the pattern witnessed since the US elections; Prices are falling due to lower realized volatility. Although the OI on calls and puts remained unchanged, demand for short-term BTC options decreased throughout the week.

ETH options, on the other hand, continue to increase interest in call options, with the altcoin leading the rest of the market in trading volumes and open interest.