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, one of the world’s top three crypto exchanges by volume, experienced a surge in trading volume on the popular ETH/BTC pair on the back of news that US regulators may approve an Ethereum ETF soon. Following the news, traders potentially profited from ETH’s impressive 15% move against BTC.
The news that caused the surge was that US regulators asked ETH ETF applicants to update their filings, causing speculation that the updates pointed to a higher likelihood of approval — though nothing is guaranteed. Even so, traders were quick to pay double the funding rate to long ETH against BTC in the wake of the news.
For some traders, ETH/BTC is a key ratio in crypto markets because the top two crypto assets account for roughly 74% of the crypto market cap. Recently, it’s been “down only” for ETH as it lost momentum and struggled to fend off competitors; just last week, it made a new low against BTC falling to the lowest level in three years.themselves or via an array of simple bots that do all the calculations for you.
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