The broader market is still wallowing in extreme fear, but ETH quietly outperformed BTC today.
Over 24 hours: ETH at $2,247, up 1.02%; BTC at $75,969, up 0.43%. In exchange-rate terms, 1 ETH is now worth 0.0296 BTC—that is, one ETH is worth just 2.96% of one Bitcoin.
Zooming out makes things more interesting: over the past 7 days, ETH has been basically flat, while BTC is down 1.78%; but over the past 30 days, ETH’s exchange rate against BTC is actually still down 4.5%.
Funding rates tell a similar story: ETH perpetuals are at an annualized 7.35%, 3.5 times BTC’s rate. That suggests this bout of relative strength isn’t being driven by a short squeeze—people are genuinely buying.
Meanwhile, spot BTC ETFs saw a combined net outflow of $842 million on November 5 and 6, and BTC itself is still hovering near its 30-day closing low of $75,775.
This whale’s take: outperforming for one day doesn’t mean a rotation has begun. For ETH’s exchange rate against BTC to confirm a trend, it first needs to hold above 0.03; a drop back below 0.029 would make this a one-day wonder. But the more BTC is weighed down by ETF redemptions while ETH holds firm, the more closely we should watch for signs of a capital rotation. If this move really holds at $ETH , then $BTC ’s outlook will change too.
Over 24 hours: ETH at $2,247, up 1.02%; BTC at $75,969, up 0.43%. In exchange-rate terms, 1 ETH is now worth 0.0296 BTC—that is, one ETH is worth just 2.96% of one Bitcoin.
Zooming out makes things more interesting: over the past 7 days, ETH has been basically flat, while BTC is down 1.78%; but over the past 30 days, ETH’s exchange rate against BTC is actually still down 4.5%.
Funding rates tell a similar story: ETH perpetuals are at an annualized 7.35%, 3.5 times BTC’s rate. That suggests this bout of relative strength isn’t being driven by a short squeeze—people are genuinely buying.
Meanwhile, spot BTC ETFs saw a combined net outflow of $842 million on November 5 and 6, and BTC itself is still hovering near its 30-day closing low of $75,775.
This whale’s take: outperforming for one day doesn’t mean a rotation has begun. For ETH’s exchange rate against BTC to confirm a trend, it first needs to hold above 0.03; a drop back below 0.029 would make this a one-day wonder. But the more BTC is weighed down by ETF redemptions while ETH holds firm, the more closely we should watch for signs of a capital rotation. If this move really holds at $ETH , then $BTC ’s outlook will change too.
