Ethereum Outshines Bitcoin as Bybit Highlights Surge After Pectra Upgrade

Key takeaways:

• ETH surged 20% since May 7, outperforming BTC and attracting higher interest from derivatives traders.

• The rally was supported by macroeconomic shifts and over $500M in ETH short liquidations.

• Vitalik Buterin introduced reforms aimed at scaling Ethereum's throughput by up to 100x.

Ethereum’s rally gains momentum post-upgrade

Ethereum’s price has drawn increased attention from crypto traders, with a new report by Bybit and analytics partner Block Scholes showing the asset significantly outpaced Bitcoin in early May. The latest insights reveal that Ethereum’s momentum is tied to more than just the recent Pectra upgrade.

On May 7, ETH surged 20%, triggering a cascade of developments in the market. The ETH/BTC ratio tilted in favor of Ethereum, with derivatives traders placing more bullish bets on ETH. Bybit’s analysis suggests that macroeconomic conditions—such as easing concerns over global tariffs—helped create a favorable environment for digital assets more broadly.

Structural reforms and market dynamics bolster ETH

The report also points to Ethereum’s evolving leadership as a central factor in its breakout. Vitalik Buterin outlined a strategic overhaul intended to make the blockchain more flexible and scalable. The proposed reforms include efforts to improve operational efficiency and increase throughput capacity by up to 100 times.

This renewed vision for Ethereum, alongside technical developments, seems to have contributed to a strong wave of investor confidence. More than $500 million worth of ETH short positions were liquidated, fueling additional upward pressure on the price.

According to data from crypto exchange Bybit, derivatives activity reflected the rising optimism. On May 8, traders placed $60 million more in call options than puts for ETH, while BTC saw less enthusiastic positioning. Funding rates for ETH climbed, and the put/call skew shifted significantly—from a 20% tilt towards puts last month to nearly 10% in favor of calls during the first week of May.

The bottom line

Ethereum’s rally appears to be underpinned by a combination of strategic upgrades, leadership changes, and favorable macroeconomic shifts. With increased derivatives activity and shifting sentiment indicators, ETH has captured the attention of traders seeking momentum beyond Bitcoin. If the outlined scalability reforms take shape as planned, Ethereum could be set for an extended period of outperformance in the crypto markets.

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