Crypto News

Bitcoin Surges As Ethereum Holds Steady; Market Eyes Election-Driven Volatility

Bitcoin ($BTC) has been gaining impressive momentum, with both its price and open interest sharply rising, indicating strong upward movement.

While Ethereum ($ETH) remains stable and hasn’t yet mirrored Bitcoin’s ascent, investors are keeping a close watch for potential shifts, as ETH could soon follow BTC’s trend.

As the U.S. election week approaches, short-term implied volatility for both BTC and ETH remains elevated, standing above 72 vols. Put skews have also increased, suggesting that traders are hedging with downside protection ahead of potential market impacts from the election.

Analysts anticipate a “sell-the-news” scenario, similar to the reaction seen after the Nashville Bitcoin conference, regardless of the election’s outcome.

In other developments, the Ethereum ecosystem has seen some leadership changes. Calvin Liu, the Chief Strategy Officer at Eigen Foundation, resigned in September.

Recently, prominent Ethereum researchers, Justin Drake and Dankrad Feist, announced they have stepped away from their advisory roles with the EigenLayer project. The duo had joined Eigen Foundation as advisors in May 2024, receiving notable incentives in $EIGEN tokens at the time.

Ethereum Spot ETFs Shows Net Outflow Of over $10 Million

Meanwhile, Ethereum spot ETFs have shown a net outflow of $10.93 million over the past week, indicating a short-term cooling in investor sentiment for ETH.

As markets brace for potential election-driven volatility, Bitcoin continues its upward trajectory, while Ethereum stays in a holding pattern—though it may soon catch the upward momentum that Bitcoin is experiencing. Together, these factors signal an active market with a watchful eye on both assets as major events unfold.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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