ETH/BTC ratio hits highest level since January

The ETH/BTC price ratio has hit its highest level since January amid a recent rebound in ETH's price, according to on-chain analytics firm Santiment. The firm noted that ETH is approaching $2,400, and the number of whale wallets holding over 100,000 ETH has increased from 54 to 57. However, Santiment also pointed to conflicting signals from the derivatives market, where the funding rate on Binance remains negative. This suggests traders are expanding their short positions in anticipation of a price correction.