Ethereum has outpaced Bitcoin over the past week as the cryptocurrency market continues to show a bullish outlook.

In their latest derivatives analytics report, Bybit and Block Scholes highlighted Ethereum’s (ETH) strong performance compared to Bitcoin (BTC) this past week. Bybit is a global crypto exchange that’s the world’s second-largest by volume, while Block Scholes is a London-based advanced research and data analytics company.

A collaborative report by the two companies notes that perpetual swaps for Ethereum shows a steady rise in open interest. In contrast, open interest for BTC slowed after the flagship cryptocurrency retreated off highs near $100,000 reached last week.

Ethereum price rose more than Bitcoin during this period, Bybit and Block Scholes noted in the report. A look at crypto.news market data shows ETH is up more than 8% this past week – compared to Bitcoin’s -1.6%. This follows news that U.S. Securities and Exchange Commission Chair Gary Gensler will exit the agency on January 20, 2025.

Cryptocurrencies, including XRP, Cardano and Stellar and Polkadot have outperformed during this time, with Gensler’s resignation fueling optimism across the sector.

“This trend reflects investor optimism, with many anticipating a shift in the SEC’s leadership by January 25, 2025, which could bring a more favorable stance toward cryptocurrencies,” the report reads in part.

Ethereum reached a weekly high of $3,682 on Nov. 28, while Bitcoin’s price retreated to $90,911 after peaking at an all-time high of $99,531.

The decline from the area near the $100K mark sees the money volatility structure constrained, and short-tenor options have crossed below 60%.

According to the report, this reflects the pattern witnessed since the U.S. election, with price dropping amid lower realized volatility. Despite OI in calls and puts remaining unchanged, demand for short-term BTC options has waned over the week.

ETH options, on the other hand, continue to see increased interest in call options, while the altcoin leads the rest of the market in trading volumes and open interest.

Bybit crypto exchange has announced the launch of Sharia-compliant crypto accounts. These accounts will enjoy offerings that align with Islamic laws. The exchange also announced support for 18 coins on the Islamic crypto accounts. Meanwhile, the US crypto exchange Kraken has widened its reach in Europe with its latest acquisition.

Bybit Launches Sharia-Compliant Crypto Accounts

Bybit. the second-largest crypto exchange by trading volume, announced the launch of Sharia-compliant crypto accounts developed in consultation with ZICO Shariah Advisory Services to ensure compliance with Islamic principles. These Islamic accounts will offer no interest, ensuring Muslim investors can comfortably use the platform’s crypto services.

Meanwhile, the crypto accounts will be available to Muslim traders worldwide. Ben Zhou, Bybit’s CEO, revealed that the initial offerings for the account will include Spot Trading, DCA Trading Bot, and Spot Grid Bot.

As to how these crypto accounts will operate, users will still need to create a main account before making the Islamic subaccount. The main account is the one which they will use to facilitate deposits and withdrawals.

Meanwhile, the crypto exchange will enable support for 18 coins, namely, USDT, USDC, BTC, ETH, SOL, XRP, ADA, POL, AVAX, LINK, LTC, BNB, ATOM, ETC, UNI, XLM, ALGO, and XTZ. This move is significant as Bybit becomes the first among the top crypto exchanges to offer an Islamic crypto account.

This move will promote inclusivity in the crypto space and could help onboard more Muslim investors into the crypto space.

Kraken Widens European Reach With BCM Acquisition

Kraken announced the acquisition of the Dutch crypto broker Coin Meester B.V. (BCM). The crypto exchange noted that this marks a “key element” in their European growth strategy. With this acquisition, the exchange said it has “significantly expanded” its Dutch footprint and enhanced its business with a registered Virtual Asset Service Provider (VASP) in France and Poland.

Following this development, Kraken can now offer VASP services directly or through a partnership in eight European countries. These countries are Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland. Like Bybit’s announcement, this is also bullish for crypto adoption, especially as Kraken continues to expand its reach in the European market.

Coinbase Looking To Secure A Win For Crypto

Coinbase is looking to secure a win for the crypto industry as the exchange appealed the SEC’s denial of rulemaking petition. Lack of regulatory clarity in the US remains a stumbling block to crypto adoption. However, the crypto exchange is looking to correct that, arguing before the court that the Commission should provide a clear legal framework for digital assets.

This appeal is undoubtedly timely, considering that the Commission recently stated in a filing in its case against Binance that it regrets the confusion it has caused in using the term ‘crypto asset securities.’ The US SEC had earlier classified several crypto assets as securities, including XRP, which led to the long-running legal battle against Ripple.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.