Bybit x Block Scholes Quarterly Institution Report on ETH and Altcoin: Making Sense of the ETH Rally

Key Insights: Key Insights: The Verdict on Altcoin Seasonhasn't been reached despite ETH's outperformance, for the simple reason that the ETH hype had not quite reached historical level in terms of market cap dominance for the trickle down effect to happen. Sitting at just over half of its 2021 high, ETH only occupied 9% of the market. The report noted that three out of the top 10 L-1 blockchains — HYPE, SUI, and SOL — outperformed ETH by market cap at one point or another since Trump's...

Key Insights:

The Verdict on Altcoin Season hasn't been reached despite ETH's outperformance, for the simple reason that the ETH hype had not quite reached historical level in terms of market cap dominance for the trickle down effect to happen. Sitting at just over half of its 2021 high, ETH only occupied 9% of the market. The report noted that three out of the top 10 L-1 blockchains — HYPE, SUI, and SOL — outperformed ETH by market cap at one point or another since Trump's 'Liberation Day' on April 2.

The Pectra Upgrade appeared to have provided a boost to ETH's price performance. But a closer look at options data "complicates the narrative": the rise in implied volatility for ETH options suggested macro factors were the true drivers of sentiment shifts. In fact, the ETH rally on May 8 mirrored broader circumstances upon the announcement of the US-UK trade deal, propelling equities and BTC to climb simultaneously. The observation is consistent with later developments of market recovery amid easing tariff tensions.

Access the Full Report here.

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