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.
What Next For Bitcoin (BTC)? Traders Call For $74,000 as ETFs See Continual Inflows
“Bitcoin was pulling back towards $65K on Thursday but is already trying to regain its footing above $66K on Friday...