Over the past 24 hours, $ETH rose 6.4% to around 2,425; $BTC rose 3.8%. The ETH/BTC exchange rate rose 2.6% to 0.0301.

What’s interesting is the funding rate. The current ETHUSDT perpetual funding rate is -0.0025%—negative. ETH has risen more than BTC, yet short sellers are the ones getting paid.

One fairly straightforward explanation: quite a few people were bearish on ETH, and this move squeezed them out rather than being driven by a crowd piling into longs. Squeezes can move fast, but they can also reverse quickly. The question is how many shorts are still left to close.

ETH/BTC has been hovering around 0.03 for a long time, so one day of gains doesn’t establish a trend. What I care more about is when the funding rate turns positive—that’s when people are genuinely willing to pay to go long.

Does not constitute investment advice