0xScope Newsletter #70: When Will ETH Hit ATH?
Also: We talk about Binance's active Futures listing week with 7 new contracts, Bitcoin ETF outflows amid a slight market correction, and more.
Why is ETH not hitting record highs like BTC?
November 2024 has been a historic month for Bitcoin, which quickly rose from $70,000 on Nov. 1 to just below $100,000 now, hitting multiple record highs along the way. Bitcoin ETFs have drawn in billions of dollars worth of inflows, and with a six-figure valuation within reach, many analysts have begun to project better days ahead for the world's top cryptocurrency.
It has been a different story for the long time No. 2 cryptocurrency, Ethereum. At first glance, ETH has grown from around $2,500 on Nov. 1 to just above $3,600 as of Nov. 28, with a growth rate similar to Bitcoin’s. However, Ethereum's current situation is a far cry from where it was back in November 2021, when it hit an all-time high of $4,900.
In this report, the 0xScope team looks into several factors that explain the disparity between the growth momentum of Bitcoin and the lack thereof for Ethereum during the latest ongoing bull run.
Read more details in the latest 0xScope blog.
On-chain Data
Bitcoin ETFs see slight outflows as price falls slightly from record highs
Last week, Bitcoin reached its all-time high of $99,500, just shy of a six-figure milestone. This week, BTC was affected by holiday-related market corrections, sliding down to below $92,000 before stabilizing at around $95,000 at the moment.
During last week’s major surge, Bitcoin ETFs have drawn in $3.33B worth of funds, just over half of the total cumulative inflow for this month. It’s a different story this week, with most ETFs seeing outflows. So far this week, about $128.6M went out of Bitcoin ETFs, despite another strong showing from IBIT with $267.8M in net inflows.
Binance Futures debuts 7 new contracts, including 4 memecoins
It has been an active week for Binance in terms of futures listings, with the debuts of the following perpetual contracts:
While these contracts debuted at different points during the past 7 days, there’s a noticeable trend regarding their current market performance. Out of the 4 memecoins that are newly listed, only $CHEEMS is still above listing price, albeit at a slight 4.79% growth. The double-digit declines seen by the perpetual contracts of memecoins $SLERF, $WHY, and $CHILLGUY likely resulted from their tokens seeing significant price increases during their respective listing announcements, followed by a major sell-off once trading started on these new listings.
Meanwhile, non-memecoin new listings have fared better in this recent cycle, led by $SCRT’s 72.28% rise since its debut on Binance Futures. The privacy-focused blockchain network was recently included in the NVIDIA Inception program for tech startups. $THE, which also notched a recent spot listing on Binance, launched in other markets at around $1 on Nov. 26, before the listing announcement propelled the token to as high as $4, a level that it has strived to maintain in recent trading action.
Company Announcements
Subscribe to Scopechat Pro
Scopechat Pro is our new membership system for a next-level AI-powered crypto trading experience. With Scopechat Pro, you can enjoy the following benefits for as little as $14/month for the annual plan!
Subscribe to Scopechat Pro today! Pay using your credit card, Scopepoints, or crypto (we support Ethereum, Arbitrum, Base, and Optimism networks).
Be the Next 0xScope Ambassador!
0xScope is looking for talent! Passionate about growing your community and showcasing your investigation skills? Become a 0xScope Ambassador, lead the charge, and get a chance to be featured here! If you think you are a good fit or know somebody who is, please reach out at hr@0xscope.com.
Quick Bites
Bitcoin pumps above $97K, then dumps, as Ether, XRP surge 7% - LINK
Bitcoin bull market is far from over, Galaxy Research says - LINK
Ethereum L2s surpass record $51B TVL after 205% yearly growth - LINK
Hong Kong proposes tax breaks to attract crypto hedge funds, investors - LINK
Pump.fun removes livestream feature amid reports of shocking videos - LINK
Thanks for reading the 0xScope Newsletter! Learn more about 0xScope: