The ETH/BTC ratio has surged to 0.0826, up 1.98% over the past five days, according to data from Trading View. This represents a significant increase in the ratio, which has been outpacing the 4.7% rally in the ETH/BTC ratio over the past five days.
ETH Derivatives Activity Booms
Ethereum-based derivatives activity has seen a surge over the past week, with perpetual funding rates on top exchanges turning positive. This has led to an increase in swap volume of perpetual futures contracts, reaching $22 billion, and open interest perps rising.
OpenSea Exceeds $13 Billion Valuation
OpenSea is expected to reach a valuation of $13 billion in 2022, according to Eric Newcomer. This marks a significant increase from its current valuation of $3.42 billion in August 2021. The platform’s trading volume has also exploded to start the year, with $870 million in volume in the first four days of 2022.
NFTs Drive Demand
NFTs are driving demand for OpenSea, with a majority of demand coming in the form