Bybit, one of the world’s top three crypto exchanges by volume, experienced a surge in trading volume on the popular ETH/BTC pair on the back of news that US regulators may approve an Ethereum ETF soon. Canny traders profited from ETH’s impressive 15% move against BTC in the hours following the news.

The news that caused the surge was that US regulators asked ETH ETF applicants to update their filings, causing speculation that the updates pointed to a higher likelihood of approval — though nothing is guaranteed. Even so, traders were quick to pay double the funding rate to long ETH against BTC in the wake of the news.

ETH/BTC is a key ratio in crypto markets because the top two crypto assets account for roughly 74% of the crypto market cap. Recently, it’s been “down only” for ETH as it lost momentum and struggled to fend off competitors; just last week, it made a new low against BTC falling to the lowest level in three years. 

Traders on Bybit can capitalize on the volatility surrounding this narrative by trading BTC/ETH perpetual contracts themselves or via an array of simple bots that do all the calculations for you. Furthermore, Bybit, which just hit 30 million users globally, is running its Ethereum Euphoria event, offering users the chance to win USDT and a Tesla Cybertruck while learning about the impact of this kind of market event.

#Bybit / #TheCryptoArk