According to CoinGecko data, tokens of decentralized liquid staking protocols, Lido DAO, and Rocket Pool ETH, also saw price increases of 10% and 8% respectively.
According to reports, the stablecoin Ethena USDe recently added Bitcoin as collateral. Traders speculating on Polymarket foresee a 16% probability of a spot Ethereum ETF approval in the US by the end of May. Meanwhile, 45% are confident that approval will be granted by the end of June.
Some traders were prepared for Bitcoin to take the lead after the key support level of the ETH/BTC ratio declined. Consequently, the rise in ETH led to a rapid market positioning adjustment, resulting in a sharp increase in perpetual funding rates or the cost of holding long/short positions. Potential volatility also led to significant closing of long positions in external ETH call options.
According to QCP, BTC was expected to rise last Friday; however, ETH emerged as the rally leader.