Some traders were positioned for bitcoin leadership after the ether-bitcoin ratio dipped below key support last week. As such, ETH’s market-beating rise has brought rapid adjustment in market positioning, leading to a sharp uptick in the perpetual funding rates or cost of holding long/short positions, Singapore-based QCP capital explained in a note on Telegram. The upside volatility has also led to a significant short covering in ETH front-end call options.

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• Source: https://www.coindesk.com/markets/2024/04/09/ether-rallies-to-36k-as-bitcoin-holds-steady-at-71k/?utm_medium=referral&utm_source=rss&utm_campaign=headlines