Bitcoin ($BTC) Has Been Gaining Impressive Momentum, with Both Its Price and Open Interest Sharply Rising, Indicating Strong Upward Movement. While Ethereum ($ETH) Remains Stable and Hasn't Yet Mirror

$BTC is on a roll, with both price and open interest skyrocketing, showcasing its robust upward momentum. Meanwhile, $ETH is playing it cool, staying stable and not yet riding $BTC's wave. But don't count ETH out—investors should keep a keen eye on a possible shift, as ETH…

Bitcoin (BTC) price has been on a tear lately, rallying past $20,000 and showing no signs of slowing down. But while BTC is rallying, Ethereum (ETH) price has been lagging behind.

Now, a popular crypto analyst is warning traders that ETH could soon follow BTC and rally sharply.

According to the analyst, known as “Kyledoops,” both BTC price and open interest are rallying sharply, indicating strong upward momentum for Bitcoin.

However, ETH price is lagging behind and hasn’t yet mirrored BTC price. This could be setting up for a potential shift in the coming days or weeks.

“$BTC is on a roll this week, with both price and open interest skyrocketing.

Meanwhile, $ETH is playing it cool, staying stable and not yet riding BTC’s wave.

But don’t count ETH out—investors should keep a close watch for a possible shift, as ETH…”

As the U.S. election week approaches, short-term implied volatility for both BTC and ETH price is remaining elevated, above 72 vols. Put skews have also increased, suggesting that traders are preparing for potential downside moves.

Despite the traders’ preparation for potential downside moves, analysts anticipate a “sell-the-news” scenario, similar to the reaction after the Nashville Bitcoin conference, regardless of the election’s outcome.

In other developments, the Ethereum ecosystem has seen some leadership changes. Earlier this year, Calvin Liu, the Chief Strategy Officer at Eigen Foundation, resigned in September.

Now, prominent Ethereum researchers Justin Drake and Dankrad Feist have announced that they dropped their advisory roles with the EigenLayer project.

The duo had joined the Eigen Foundation as advisors in May 2024, receiving a significant incentive in $EIGEN tokens at the time.

Finally, Ethereum spot ETFs have shown a net outflow of $10.93 million over the past week, indicating a short-term cooling in investor sentiment for ETH.

In total, both Bitcoin and Ethereum spot ETF had a net outflow from the fund on November 1. This is the first net outflow for both ETFs after the net inflow in the past 7 days.

Bitcoin spot ETF had a total net outflow of $54.9403 million, while Ethereum spot ETF had a net outflow of $10.9256 million.

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