Ethereum has been notably underperforming Bitcoin through this latest rally. Here\u2019s why this is so, according to a CryptoQuant analyst.<\/p>\n
Ethereum Net Taker Volume Has Been Mostly Negative Recently<\/h2>\n
In a new post<\/a> on X, CryptoQuant Netherlands community manager Maartunn has pointed out what the \u201cnet taker volume<\/a>\u201d for Ethereum is looking like.<\/p>\n The net taker volume here is an indicator that keeps track of the difference between the taker buy volume and taker sell volume on the Bitcoin futures market<\/a>.<\/p>\n When the value of this metric is positive, it means that the taker buy volume is dominating the taker sell volume right now. Such a trend implies buying pressure may be strong in the market currently.<\/p>\n On the other hand, negative values could suggest the presence of a bearish sentiment among the investors, as selling pressure is higher than the buying pressure.<\/p>\n Now, here is a chart that shows the trend in the 30-day moving average (MA) Ethereum net taker volume over the past few years:<\/p>\n<\/p>\n As displayed in the above graph, the Ethereum net taker volume has been mostly negative during the past few months, implying that sentiment around the asset has remained bearish.<\/p>\n Bitcoin, on the other hand, has enjoyed periods where the taker buy volume has surpassed the taker sell volume, as the chart shared by the analyst a few days back showed.<\/p>\n Most notably, the net taker volume of Bitcoin is significantly positive right now, suggesting the strong buying pressure present in the market. Unsurprisingly, BTC\u2019s sharp rally<\/a> has come alongside these positive values of the metric.<\/p>\n Ethereum has no such buying pressure present at the moment. Maartunn believes this is why the ETH price has been performing considerably poorly against BTC recently.<\/p>\n Ethereum\u2019s underperformance against Bitcoin is easily visible in the asset\u2019s year-to-date chart.<\/p>\n At the same time as Bitcoin observed its rally off the back of the highly positive net taker volume, Ethereum also saw a surge of its own. This rise, though, has been nowhere near as sharp as that of the original cryptocurrency, as ETH is still just trading around $1,800, which is notably less than the top of around $2,100 that the asset set back in April.<\/p>\n Not only has Bitcoin surpassed the $31,000 top it set back in July, it has also done so in spectacular fashion, as it\u2019s now trading above the $34,000 level, which is significantly higher.<\/p>\n If the net taker volume is anything to go by, the second largest cryptocurrency may continue to underperform versus the largest, so long as investor sentiment around it remains negative.<\/p>\n Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Ethereum has been notably underperforming Bitcoin through this latest rally. Here\u2019s why this is so, according to a CryptoQuant analyst. Ethereum Net Taker Volume Has Been Mostly Negative Recently In a new post on X, CryptoQuant Netherlands community manager Maartunn has pointed out what the \u201cnet taker volume\u201d for Ethereum is looking like. The net […]<\/p>\n","protected":false},"author":2,"featured_media":185594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-185593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=185593"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185593\/revisions"}],"predecessor-version":[{"id":185596,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185593\/revisions\/185596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/185594"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=185593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=185593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=185593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Looks like the 30-day MA value of the metric has been near the neutral mark in recent days | Source: @JA_Maartun on X<\/a><\/pre>\n
![\"Bitcoin](\"https:\/\/pbs.twimg.com\/media\/F9mUf1CWIAAZl8H?format=jpg&name=large\")
The 30-day MA value of the indicator seems to have been green in the last few weeks | Source: @JA_Maartun on X<\/a><\/pre>\n
Ethereum Has Still Not Touched The Highs Set Earlier In The Year<\/h2>\n
<\/p>\n
ETH has enjoyed some rise during the past month | Source: ETHUSD on TradingView<\/a><\/pre>\n