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Bitcoin Stability to Support Ethereum Growth in Q4
A new Coinbase market report provided a clear picture of Bitcoin and Ethereum dynamics in Q3. These data allow for predictions about their behavior in Q4.
Blockchain data for Bitcoin in Q3 show that the number of coins not moved for over a year fell by only 2%, while short-term traders increased their activity by 12%. This indicates that despite sharp price increases and bold forecasts of new highs, long-term holders kept their BTC.
Currently, Bitcoin’s price remains above the average market value and is not overheated. This points to potential for further growth. Open interest in futures rose to approximately $53 billion, and in options to $44 billion, with strong quarterly growth in both cases. However, trading volume fell by 15%.
It is worth noting that this cycle differs from previous bullish trends and marks a new market era, where liquidity, rather than hype, will be the driving force.
Q3 was successful for Ethereum, as for the first time, capital inflows into ETH ETFs exceeded those into BTC ETFs. This indicates growing interest in the network from retail and institutional investors.
Meanwhile, long-term ETH holders realized profits. The supply of liquid assets increased by 18%, and illiquid assets by 8%. Activity in the futures and options markets surged: open interest in futures rose 115%, and in options 132%.
Second-layer transactions reached record highs, while user fees dropped to a two-year low, attracting more users and developers. Staking also grew steadily, reducing supply and encouraging active cryptocurrency ownership.
See also: "XRP Cryptocurrency Surges 10% in Bullish Trading Rally"
