{"id":82311,"date":"2023-07-28T12:14:00","date_gmt":"2023-07-28T09:14:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82311"},"modified":"2025-09-12T04:14:51","modified_gmt":"2025-09-12T01:14:51","slug":"cme-nasdaq-dynamics-affect-ethereum-more-than-bitcoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cme-nasdaq-dynamics-affect-ethereum-more-than-bitcoin\/","title":{"rendered":"CME: Nasdaq dynamics affect Ethereum more than Bitcoin"},"content":{"rendered":"

Movements of the Nasdaq 100, a high-tech index, typically affect Ethereum prices more than Bitcoin prices. To this conclusion \u043f\u0440\u0438\u0448\u043b\u0438<\/a> analysts CME<\/span>.<\/p>\n

Since May 2022, the annualized ETHBTC correlation with the Nasdaq 100 has stood at around +0.2, with occasional climbs to +0.3. This points to a modest but persistent positive price relationship between tech stocks’ movements and Ethereum’s price relative to Bitcoin, the researchers noted.<\/p>\n

\n

“In days when tech stocks rise, ETHBTC tends to rise, as the first yields greater returns than the second,”<\/em> \u2014 the report states.<\/p>\n<\/blockquote>\n

Experts attribute the divergence to the Ethereum network’s practical applications (the second-largest cryptocurrency by market capitalization) and Bitcoin’s status as digital gold\u2014a highly volatile store of value and hedge against fiat devaluation. Differences in market capitalization and tokenomics may also play a role.<\/p>\n

Analysts say the US dollar has the opposite effect. On days when its index against a basket of the 10 major currencies rises, ETHBTC trends downward. This trend is not extremely strong, with an annualized moving correlation of about -0.2.<\/p>\n

Meanwhile, the price relationship between ETHBTC and moves in interest rates, gold futures, and crude oil is almost zero.<\/p>\n

\n
\"image-479\"
Data: CME.<\/figcaption><\/figure>\n<\/div>\n

The price correlation (30D-MA<\/span>) between the two main digital assets over the last year was estimated at 0.85, indicating a close relationship.<\/p>\n

\n
\"image-480\"
Data: CME.<\/figcaption><\/figure>\n<\/div>\n

Over the past year, the volatility of daily Bitcoin price moves annualized stood at 42%, with Ethereum at 59%.<\/p>\n

\n

“In days when digital gold appreciates, the second-largest cryptocurrency tends to rise at faster rates, and vice versa,”<\/em> \u2014 the report states.<\/p>\n<\/blockquote>\n

The high degree of correlation implies that ETHBTC should have lower volatility than BTC or ETH alone. The latter has been observed since Bitcoin futures were launched in late 2017.<\/p>\n

Over the past year, ETHBTC volatility fell to 30%, about a quarter lower than BTCUSD and roughly half that of ETHUSD.<\/p>\n

\n
\"image-481\"
Data: CME.<\/figcaption><\/figure>\n<\/div>\n

Trading of the Ethereum-to-Bitcoin contract on CME futures will begin on July 31<\/a>.<\/p>\n

Earlier the platform reported a record open interest<\/a> in futures on digital gold and the second-largest cryptocurrency by market capitalization.<\/p>\n","protected":false},"excerpt":{"rendered":"

Movements of the Nasdaq 100, a high-tech index, tend to affect Ethereum prices more than Bitcoin prices, according to CME analysts.<\/p>\n","protected":false},"author":1,"featured_media":82312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,383,46,167,1211],"class_list":["post-82311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cme-group","tag-ethereum","tag-research","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"52","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=82311"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82311\/revisions"}],"predecessor-version":[{"id":82313,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82311\/revisions\/82313"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/82312"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=82311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=82311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=82311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}