Ether is leading the rebound on this 4/11, and that’s no small thing: the ETH/BTC pair touched 0.03053 on Binance, its highest level since October 12.
Let’s put the two side by side, starting from 29/10 at 18:00 UTC, just before the Binance hack announcement.
The $BTC was worth $80,892 at that point. Around 16:50 UTC today, it’s at $80,680, so it has barely returned to its starting point after dipping to $75,736 overnight.
The $ETH was worth $2,341. It’s now at $2,438, about +4% above its pre-hack level, +12% from its low of $2,174 on 30/10, and +6.3% over 24 hours.
What makes the move interesting is what isn’t driving it. US spot ether ETFs saw outflows of $85.4M on Tuesday, including $74.4M from BlackRock’s ETHA, marking their seventh consecutive session of outflows, according to Farside (via Bitcoin.com News). And on Binance’s ETHUSDT perpetual contract, open interest is almost unchanged over 24 hours, moving from 2.369M to 2.362M ETH, with funding at +0.01%.
So there’s no fresh institutional money, and no wave of leverage. My take: this is mostly a spot-market catch-up, in a market that had oversold ETH during hack week, with DeFi tokens leading the rebound, according to CoinDesk.
The thing to watch is positioning. The long/short account ratio on ETHUSDT is 1.94, and CoinDesk notes that four of the six most active ETH options contracts are puts. If ETH/BTC falls back below 0.0295, the catch-up will have been just a brief bounce. If it holds above 0.0300 through Friday’s US jobs report, the rotation into ETH becomes more credible, especially if ETF flows stop bleeding.
Are you playing this ETH catch-up against BTC, or waiting to see ETF flows turn positive first?
#Ethereum #ETH
Let’s put the two side by side, starting from 29/10 at 18:00 UTC, just before the Binance hack announcement.
The $BTC was worth $80,892 at that point. Around 16:50 UTC today, it’s at $80,680, so it has barely returned to its starting point after dipping to $75,736 overnight.
The $ETH was worth $2,341. It’s now at $2,438, about +4% above its pre-hack level, +12% from its low of $2,174 on 30/10, and +6.3% over 24 hours.
What makes the move interesting is what isn’t driving it. US spot ether ETFs saw outflows of $85.4M on Tuesday, including $74.4M from BlackRock’s ETHA, marking their seventh consecutive session of outflows, according to Farside (via Bitcoin.com News). And on Binance’s ETHUSDT perpetual contract, open interest is almost unchanged over 24 hours, moving from 2.369M to 2.362M ETH, with funding at +0.01%.
So there’s no fresh institutional money, and no wave of leverage. My take: this is mostly a spot-market catch-up, in a market that had oversold ETH during hack week, with DeFi tokens leading the rebound, according to CoinDesk.
The thing to watch is positioning. The long/short account ratio on ETHUSDT is 1.94, and CoinDesk notes that four of the six most active ETH options contracts are puts. If ETH/BTC falls back below 0.0295, the catch-up will have been just a brief bounce. If it holds above 0.0300 through Friday’s US jobs report, the rotation into ETH becomes more credible, especially if ETF flows stop bleeding.
Are you playing this ETH catch-up against BTC, or waiting to see ETF flows turn positive first?
#Ethereum #ETH
