Ethereum has been notably underperforming Bitcoin through this latest rally. Here\u2019s why this is so, according to a CryptoQuant analyst.<\/p>\n
In a new post<\/a> on X, CryptoQuant Netherlands community manager Maartunn has pointed out what the \u201cnet taker volume<\/a>\u201d for Ethereum is looking like.<\/p>\n The net taker volume here is an indicator that keeps track of the difference between the taker buy volume and taker sell volume on the Bitcoin futures market<\/a>.<\/p>\n When the value of this metric is positive, it means that the taker buy volume is dominating the taker sell volume right now. Such a trend implies buying pressure may be strong in the market currently.<\/p>\n On the other hand, negative values could suggest the presence of a bearish sentiment among the investors, as selling pressure is higher than the buying pressure.<\/p>\n Now, here is a chart that shows the trend in the 30-day moving average (MA) Ethereum net taker volume over the past few years:<\/p>\n\n As displayed in the above graph, the Ethereum net taker volume has been mostly negative during the past few months, implying that sentiment around the asset has remained bearish.<\/p>\n Bitcoin, on the other hand, has enjoyed periods where the taker buy volume has surpassed the taker sell volume, as the chart shared by the analyst a few days back showed.<\/p>\n\n Most notably, the net taker volume of Bitcoin is significantly positive right now, suggesting the strong buying pressure present in the market. Unsurprisingly, BTC\u2019s sharp rally<\/a> has come alongside these positive values of the metric.<\/p>\n Ethereum has no such buying pressure present at the moment. Maartunn believes this is why the ETH price has been performing considerably poorly against BTC recently.<\/p>\n Ethereum\u2019s underperformance against Bitcoin is easily visible in the asset\u2019s year-to-date chart.<\/p>\n\n At the same time as Bitcoin observed its rally off the back of the highly positive net taker volume, Ethereum also saw a surge of its own. This rise, though, has been nowhere near as sharp as that of the original cryptocurrency, as ETH is still just trading around $1,800, which is notably less than the top of around $2,100 that the asset set back in April.<\/p>\n Not only has Bitcoin surpassed the $31,000 top it set back in July, it has also done so in spectacular fashion, as it\u2019s now trading above the $34,000 level, which is significantly higher.<\/p>\n If the net taker volume is anything to go by, the second largest cryptocurrency may continue to underperform versus the largest, so long as investor sentiment around it remains negative.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum has been notably underperforming Bitcoin through this latest rally. Here\u2019s why this is so, according to a CryptoQuant analyst.<\/p>\n In a new post<\/a> on X, CryptoQuant Netherlands community manager Maartunn has pointed out what the \u201cnet taker volume<\/a>\u201d for Ethereum is looking like.<\/p>\n The net taker volume here is an indicator that keeps track of the difference between the taker buy volume and taker sell volume on the Bitcoin futures market<\/a>.<\/p>\n When the value of this metric is positive, it means that the taker buy volume is dominating the taker sell volume right now. Such a trend implies buying pressure may be strong in the market currently.<\/p>\n On the other hand, negative values could suggest the presence of a bearish sentiment among the investors, as selling pressure is higher than the buying pressure.<\/p>\n Now, here is a chart that shows the trend in the 30-day moving average (MA) Ethereum net taker volume over the past few years:<\/p>\n As displayed in the above graph, the Ethereum net taker volume has been mostly negative during the past few months, implying that sentiment around the asset has remained bearish.<\/p>\n Bitcoin, on the other hand, has enjoyed periods where the taker buy volume has surpassed the taker sell volume, as the chart shared by the analyst a few days back showed.<\/p>\nEthereum Has Still Not Touched The Highs Set Earlier In The Year<\/h2>\n
Ethereum Net Taker Volume Has Been Mostly Negative Recently<\/h2>\n