![Ether (ETH) Rallies to $3.6K as Bitcoin (BTC) Holds Steady at $71K Ether (ETH) Rallies to $3.6K as Bitcoin (BTC) Holds Steady at $71K](https://digitallifegaming.com/wp-content/uploads/2024/04/4H5UHMADJVFRXNPLUB6IRPIOHI-768x402.png)
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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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