Since surged towards $100,000, the performance of the established public chains has been quite good, with and rising over 27.1% and 31.8% respectively in the past week. The long-awaited "Ethereum", the most well-known established public chain, has therefore become increasingly anticipated by the market, with attention on whether funds will rotate into Ethereum.
Finally, as began to correct this week, Ethereum's strength has gradually emerged: the decline was smaller than , and the increase also exceeded . The ratio rose nearly 7% in a single day on the 25th, rebounding 18.38% from the low of 0.03187 to the current 0.03775, showing signs of fund rotation.
Ethereum Surges Over 13%, Outperforming Other Top 10 Tokens
Ethereum's price surged last night (27th), reaching a new high of $3,684.92 in over 5 months, up 13.28% in a single day. Although it has retreated slightly before the deadline, it is still reporting $3,637.07, with a 24-hour increase of 8.83%, making it the best performing token among the top 10 coins.
Ethereum OI Breaks Through $24 Billion to Set a New High
At the same time, the open interest of Ethereum perpetual contracts reached a new high of $24.08 billion, growing 33.1% in the past week, indicating that funds are flowing into Ethereum. Whether it is the participation of retail investors or the strategic demand of institutions (such as hedging or neutral positions) that has driven this growth.
The surge in open interest means that market volatility may increase, and investors need to be cautious in risk management.
Looking at the funding rate, it is currently close to the neutral range of around 2.1% per month, showing no signs of overheating in the market. Although it briefly spiked above 4% on the 25th, it did not persist. This indicates that even though has risen 17.9% in the past week, the demand for leveraged long positions from retail investors is still relatively moderate.
Analyst: Ethereum's Secondary Bull Run Has Begun
Regarding Ethereum's recovery, CryptoQuant analyst Crypto Sunmoon stated in the early hours of today that Ethereum's secondary run has begun.
By comparing the MVRV ratio with the price trend of , he pointed out that in the past crypto markets, often experienced two significant rallies, and the second rally cycle always significantly exceeded the price level created by the first rally cycle. This suggests that the upward trend of may continue.
ENS, EIGEN...Ethereum Ecosystem Tokens Surge
This has allowed the ecosystem to regain market attention, with several popular tokens performing well, including:
- ENS (Ethereum Name Service): The price surged over 53% in a single day, becoming the best performer among the top 300 tokens by market cap, currently at $33.25.
- Puffer (Ethereum Liquidity Restaking Project): The price skyrocketed 60% in a single day, currently at $0.6546.
- EIGEN (Native Token of the Ethereum Restaking Project EigenLayer): The price rose 25% in a single day, breaking through $4.1, just under 10% away from its all-time high, currently at $3.77.
- INST, ENA, and others
As 's strong performance continues, the performance of related ecosystem tokens is worth watching, and the market may officially welcome the season!
