Bitcoin rallies past $27k, while ETH/BTC ratio sinks

cryptoslatePubblicato 2023-06-21Pubblicato ultima volta 2023-06-21

Introduzione

Bitcoin has surpassed the $27,000 mark for the first time since June 7, indicating a notable recovery from previous challenges.

Quick Take

Bitcoin has surpassed the $27,000 mark for the first time since June 7, indicating a notable recovery from previous challenges.

It’s noteworthy that this resurgence comes in the wake of significant regulatory pressures faced by Bitcoin concerning the SEC lawsuits against major platforms Coinbase and Binance.

In a more optimistic development, the prospect of BlackRock’s Bitcoin spot ETF has emerged, potentially providing a significant boost to the cryptocurrency market.

Meanwhile, the ETH/BTC ratio has continued its downward trend, currently sitting at 0.063, near its lowest point year-to-date. This reflects the continued strength of Bitcoin relative to Ethereum.

Additionally, Bitcoin’s open interest has been on an upward trajectory. According to CoinGlass data as of June 20, about 466,000 Bitcoin are tied up in open interest contracts. This marks the highest volume since March, suggesting an increased market commitment to the premier cryptocurrency.

ETHBTC: (Source: Trading View)

Open Interest: (Source: Coinglass)

Letture associate

Stripe Helps Revolut Issue a Euro Stablecoin

On August 26th, Revolut announced the rollout of EURR, a new euro-pegged stablecoin, to select users in Denmark, Poland, and Portugal, with plans to expand across the European Economic Area. The stablecoin, issued 1:1 against the euro on Ethereum and Polygon, is not issued by Revolut itself. Instead, it is issued by Bridge Building S.A., a Stripe-owned, Luxembourg-based electronic money institution licensed under the MiCA framework. This structure positions Revolut as the distribution channel for its over 80 million users, while Stripe/Bridge provides the compliant issuance infrastructure and reserve management. EURR's launch is essentially a cold start, with a circulating supply of only 374 tokens. It enters a euro stablecoin market dominated by Circle's EURC and Société Générale's EURCV, which itself is a tiny fraction of the massive dollar stablecoin market led by USDT and USDC. EURR's primary advantage is Revolut's vast user base, aiming to onboard retail banking customers to on-chain finance. However, its utility for the average Revolut user, who already enjoys fast euro transfers, remains tied to specific crypto-native use cases like DeFi. The launch coincides with Revolut's MiCA-driven phasing out of USDT for European users, positioning EURR as a compliant replacement. More broadly, the partnership highlights Stripe's strategy through its Bridge acquisition: building a "stablecoin-as-a-service" or "issuance-as-a-service" platform. Stripe aims to provide the compliant backend infrastructure—issuance, reserves, redemption—allowing other companies like Revolut to launch branded stablecoins easily, potentially reshaping the industry's competitive landscape from direct token competition to infrastructure services.

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Bitcoin is recovering the cost basis for short-term holders, having decisively moved above the Short-Term Holder Realized Price level of $67,125 for the first time since April 2025. This metric, tracking the average price paid by buyers within the last 155 days, has shifted from a resistance ceiling to a potential support zone. Bitcoin's over 25% surge in late August brought it to touch the key 50-week moving average resistance near $81,000 before pulling back. While the reclaim of the short-term holder cost base marks a positive shift in near-term market structure and investor psychology, the long-term trend remains bearish. A definitive change would require a weekly close above the declining 50-week MA, which has acted as resistance since November 2025. For now, the $67k level provides new support, but the $81k area continues to define the primary downtrend resistance.

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The article reflects on the journey of Vector, a mobile social trading app for on-chain assets, which achieved rapid initial growth before being sold to Coinbase. The author observes how a similar product, fomo, succeeded by targeting a different market—new, non-crypto-native users—rather than competing for the existing professional trader segment that Vector had pivoted toward. The piece discusses how social trading, driven by narratives and trusted signals, is a growing trend across asset classes. It highlights the lesson that the initial market achieving product-market fit may not be the largest opportunity, and that fomo's execution in expanding beyond the crypto-native community validates the immense potential of social and on-chain finance.

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