$ETH It rose 7% overnight, but what I care more about is that it outperformed $BTC.
ETH is now around 2,429, with a 24-hour low of 2,226; at the same time, BTC rose about 4.7%. The ETH/BTC exchange rate has returned to 0.0301, after bottoming at 0.0294 yesterday. A group of analysts on X are sharing the same chart: the exchange rate closed above a downtrend line that had been in place for several months.
I'm bullish on this move, and the reason is in the futures market: open interest value rose from about 5.35 billion U to about 5.75 billion U over 24 hours, while the funding rate remained slightly negative. Prices are rising and positions are increasing, but the funding rate hasn't turned positive, which suggests not everyone chasing in is leveraged long; shorts are still holding on. In this kind of setup, forced short covering can become fuel for further upside.
One thing to be clear about on the other hand: on 11/2, U.S. spot ETH ETFs still saw net outflows of about $140 million, so institutional money hasn't returned yet. That makes this move look more like an exchange-rate recovery than a new wave of big-money inflows.
I'm watching whether ETH/BTC can hold above 0.03. If it does, the altcoin rotation thesis will have a stronger footing.
#ETH #以太坊 $ETH
ETH is now around 2,429, with a 24-hour low of 2,226; at the same time, BTC rose about 4.7%. The ETH/BTC exchange rate has returned to 0.0301, after bottoming at 0.0294 yesterday. A group of analysts on X are sharing the same chart: the exchange rate closed above a downtrend line that had been in place for several months.
I'm bullish on this move, and the reason is in the futures market: open interest value rose from about 5.35 billion U to about 5.75 billion U over 24 hours, while the funding rate remained slightly negative. Prices are rising and positions are increasing, but the funding rate hasn't turned positive, which suggests not everyone chasing in is leveraged long; shorts are still holding on. In this kind of setup, forced short covering can become fuel for further upside.
One thing to be clear about on the other hand: on 11/2, U.S. spot ETH ETFs still saw net outflows of about $140 million, so institutional money hasn't returned yet. That makes this move look more like an exchange-rate recovery than a new wave of big-money inflows.
I'm watching whether ETH/BTC can hold above 0.03. If it does, the altcoin rotation thesis will have a stronger footing.
#ETH #以太坊 $ETH
