This shift in participation highlights Ethereum’s expanding role within the broader crypto market, particularly as institutional activity continues to increase.
According to EgyHash, Ethereum has recovered significantly after reaching a six-year low against Bitcoin earlier this year. The ETH/BTC pair now trades at 0.0368, its highest level in 2025, though still well below past cycle peaks.
The derivatives market has also reflected this trend. Data shows that ETH/BTC perpetual futures open interest has risen to 0.71, its highest point in 14 months.
This represents a 68% increase compared to December 2024 levels and a 75% rise from April 2025. Alongside these holdings, the fund market premium for ETH has expanded significantly, climbing to a two-week average of 6.44%, far higher than during previous cycle peaks.
This development could coincide with broader US regulatory clarity, as legislation such as the proposed CLARITY Act seeks to formally classify both Bitcoin and Ethereum as digital commodities under federal law.
Featured image created with DALL-E, Chart from TradingView
