Ethereum continues to rise as the rest of the cryptocurrency market receives structural support from new institutional interest and regulatory developments that have never been seen before. The latest Bybit and Block Scholes derivatives analytics report states that, helped by optimistic sentiment on the options and futures markets, Ethereum regained the psychologically crucial $3,000 level for the first time since February.
Nexo Dispatch analyst Iliya Kalchev pointed out that this momentum is now based on fundamental and macroeconomic developments, rather than just technical ones. While the report notes a clear surge in ETH derivatives metrics - including a 20% weekly gain and call-heavy option skew - Nexo emphasizes that Ethereum’s ascent also aligns with a broader shift in U.S. policy for crypto.
The probable signing of the GENIUS Act and the $1.07 billion in ETF inflows into Ethereum this week alone highlight a developing narrative: ETH is evolving from an altcoin to a preferred institutional vehicle. ETH options' short-term implied volatility increased from 54% to 71% with call open interest now outnumbering put by more than two to one.
This positioning, according to Nexo, indicates that traders anticipate more upside, particularly as inflows and policy clarity converge. However, Solana continues to be confined to the shadows of its layer-1 counterparts. In comparison to ETH and SUI, SOL grew just 9% over the course of the week, according to the Bybit report.
This is true, even though there are definite indications of institutional interest like steady inflows into the REX-Osprey SOL Staking ETF. Instead of a decline in fundamentals, Nexo observes that SOL's price stagnation might be due to positioning fatigue or a lack of proper catalysts that will push the open interest and price higher.
With open interest approaching all-time highs, Bitcoin is currently trading close to $119,000 following yet another brief period of consolidation with the $120,000 mark. But going into the second half of 2025, Ethereum seems to be setting the standard in terms of structure regulation and technicals.
Vladislav Sopov
U.Today Editorial Team