In the past week, Ethereum has surpassed Bitcoin as the cryptocurrency market maintains a bullish trend.

Bybit and Block Scholes, in their latest derivatives analytics report, emphasized Ethereum’s (ETH) impressive performance relative to Bitcoin (BTC). Bybit is recognized as the second-largest global crypto exchange by volume, while Block Scholes operates as a research and data analytics firm based in London.

The joint report from these companies indicates a consistent increase in open interest for Ethereum’s perpetual swaps. Conversely, open interest for BTC has diminished following last week’s drop from the highs of approximately $100,000.

According to the report from Bybit and Block Scholes, Ethereum’s price has increased more than Bitcoin during this timeframe. Data from crypto.news market data reveals that ETH is up over 8% in the last week, while Bitcoin has declined by 1.6%. This growth comes after the announcement that U.S. Securities and Exchange Commission Chair Gary Gensler will depart from the agency on January 20, 2025.

During this period, other cryptocurrencies, such as XRP, Cardano, Stellar, and Polkadot, have also shown strong performance, with Gensler’s resignation boosting optimism throughout the sector.

“This trend reflects investor optimism, as many expect a change in the SEC’s leadership by January 25, 2025, which could lead to a more favorable approach toward cryptocurrencies,” the report states in part.

On November 28, Ethereum hit a weekly peak of $3,682, while Bitcoin’s price fell to $90,911 after reaching an all-time high of $99,531.

The drop from the vicinity of the $100K threshold indicates a restricted volatility structure for money, with short-term options falling below 60%.

The report indicates that this aligns with the trend seen since the U.S. election, characterized by price declines amidst reduced realized volatility. While open interest in call and put options has remained stable, the demand for short-term BTC options has decreased throughout the week.

In contrast, ETH options have seen a steady increase in interest for call options, with the altcoin leading the entire market in trading volumes and open interest.