However, the post-merger crypto market is experiencing a bizarre trend reversal as EthereumThe share of trading volume reached an all-time high. This model ended Bitcoin [BTC]and even raised questions about his patronage in the crypto community.
ETH recorded almost 2/3 of the market share of trading volume during the selloff last week. The crypto market has also been watching this shift in narrative for some time as ETH has tripled its market share since 2020. This suggested a “lasting shift” in market structure away from BTC.
A new chapter begins
Post-merger crypto markets are in free fall, with major assets coming to a standstill since last week. Bitcoin fell more than 16% while ETH fell by a quarter of its value over the same period.
Forked Ethereum tokens, such as ETHW and ETC has also seen dramatic declines since then. As of this writing, they could also be considered the worst performers of the week. Thus, indicating the struggle of Ethereum miners to remain profitable.
Ethereum merger interest has increased stETH quantities throughout Q3, but the trend appears to be downward. According Kaiko Searchthe discount on staked ETH tokens against spot ETH has shrunk to its lowest levels since May.
Lido Finance has launched a rebate on stETH rebate from 4% to just 1%. This was supported by increased liquidity in Curve’s stETH pool, which is the largest secondary market for staked ETH. The cbETH and bETH markets also saw heavy buying pressure immediately after the merger.
However, BTC and ETH prices have shown a slight recovery from their recent lows. BTC jumped 5% and was trading above $19,400 at press time. Meanwhile, ETH gained 5.7% on the daily chart and was trading hands above $1,360 according to CoinMarketCap.