Analysis: ETH/BTC Exchange Rate Rises to 10-Week High, Ethereum Outperforms Bitcoin Recently

According to Odaily, the ETH/BTC exchange rate has risen to a 10-week high, with Ethereum outperforming Bitcoin recently. The ratio broke through the resistance of the descending trendline since August 2025 and stood above the 50-day and 100-day exponential moving averages. XWIN Research pointed out that the staff statement issued by the U.S. Securities and Exchange Commission on April 13 explained that DeFi frontends and wallet interfaces do not need to register as broker-dealers if they meet conditions such as non-custodianship and neutral fee structures, which has driven Ethereum's strength.

On-chain data shows an upward trend in active addresses, and the Coinbase premium gap is also improving, indicating a recovery in institutional demand from the United States. Enterprise-level accumulation is accelerating; Bitmine accumulated 279,000 ETH in the past 30 days and currently holds 4.87 million ETH, accounting for over 4% of the circulating supply. In the futures market, the global ETH open interest reached $16.37 billion, and the funding rate remains negative, indicating that short positions dominate. However, the open interest on Binance increased by 10.47% to $6.04 billion, and the funding rate turned positive, creating an extreme imbalance between global shorts and Binance longs.