ETH/BTC Ratio Hits 10-Week High as Ether Gains Momentum

The cryptocurrency market has seen a significant shift in favor of Ether, with the ETH/BTC ratio reaching a 10-week high. This improvement can be attributed to several factors, including clearer DeFi regulations from the US Securities and Exchange Commission (SEC). The SEC's recent statement on how DeFi front-ends and wallet interfaces can operate without broker-dealer registration has been well-received by the crypto community.

On-chain data also supports this shift. Active addresses are trending upward, indicating renewed network usage. Furthermore, the Coinbase Premium Gap is improving, suggesting a recovery in U.S.-driven demand, often linked to institutional flows.

Crypto analysts predict that the current trend may lead to a possible bullish crossover if it continues. The global open interest in ETH futures reached $16.37 billion on April 14, sitting well above its 14-day average. Funding rates across exchanges remain negative, indicating short positioning against the rally. However, open interest climbed to $6.04 billion, a 10.47% daily increase on Binance, with funding rates turning positive at 0.015%, signaling rising long positioning.