On-chain analytics firm Santiment analyzed that as the ETH price recently rebounded, its price ratio against BTC (ETH/BTC) reached its highest level since January. Santiment explained, "ETH showed an upward trend, approaching $2400, and the number of whale wallets holding over 100,000 ETH also increased from 54 to 57. However, contradictory signals are being detected in the derivatives market. Based on Binance, funding rates remain negative, indicating that traders are increasing their short positions, anticipating a price correction."
