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BTC Options Expiry, Ethereum Thrives

May 27, 2021 · 3 min read

By Ashwath Balakrishnan, and Jeremy Ong

Today’s Digest

Crypto markets had a fairly flat day before pulling back slightly upon the New York open. ETH volume across exchanges reached extremely high levels, and on-chain data suggests the network’s fundamentals remain sound as ever.

Key Takeaways

In the last two weeks, ETH price took a bigger drawdown (-50%) than BTC (-35%). However, far more ETH has changed hands as seen in the spikes in volume on the 22nd and 25th of May. ETH volume across CEXes and DEXes was consistently over $100 billion per day and has flippened BTC’s exchange volume. Considering ETH’s sharper drawdown, the high amount of volume is a potential indication of capitulation and coins moving from speculators to those with more conviction.

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