Ethereum seems to be following through on last week's momentum, with the ETHBTC ratio closing up +2.91% on Monday.
The Worldcoin token has seen an impressive, almost tripling as the platform surpassed 1 million daily users on its World App.
Ethereum staking deposits hit $85B, or 25% of the circulating supply.
FEATURED CHART
By all means, this is a Bitcoin-driven market, both in market returns and the prevailing narrative. Much of this has been centered around the recent Bitcoin spot ETFs, which for the first bring Bitcoin into the realm of traditional finance. But now, there are talks of a similar ETF for the second largest cryptocurrency, Ethereum. Financial services firm Bernstein said Ethereum is "probably the only other digital asset likely to get a spot ETF approval by the SEC", giving an approval a 50% chance by May and a 100% chance by year's end.
Given the market is a forward-looking discount mechanism, we'd anticipate to see Ethereum begin working higher relative to Bitcoin as the market begins pricing in this information.
WHAT TO LOOK OUT FOR
There's a quiet week ahead for economic data, so investors are likely to focus on earnings from sector leaders Nvidia, Home Depot, Walmart, and Palo Alto Networks.
With equity markets entering a rough few weeks from historical seasonal patterns, we're paying close attention to how Bitcoin and equity markets respond to a number of potentially bearish divergences.
We're watching to see if the dollar can remain strong, which could put pressure on equities and Bitcoin.
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