18 Apr 2023

Exploding institutional activity in ETH

Shanghai - a buy-the-news-event.
Ahead of the curve (23)

In Short

As expected, Shanghai was followed by massive ETH withdrawals. Nonetheless, the market overestimated the Shanghai selling pressure, leading ETH to outshine BTC on the backdrop of burgeoning institutional activity.


  • Bitcoin still oscillates at 30k
  • ETHBTC pushes from 0.062 to 0.07
  • Spot volumes grow by 41%
  • BTC Perp OI retraces last week's surge
  • More than 1 million ETH withdrawn following Shanghai
  • ETH OI on CME up 44% in the past week
Ethereum receive the lion's share of our attention this week after seeing a strong 10% rally following the Shanghai upgrade. Market participants prepared for outsized selling pressure ahead of Shanghai, and while massive withdrawals have followed the upgrade, the market has pushed higher. Throughout Q1, 2023, Ether underperformed versus BTC but has now caught up lost ground with ETHBTC trading at 0.07, coinciding with the average ETHBTC price over the past two years.
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