Analysis: The ETH/BTC exchange rate has risen to a 10-week high, with Ethereum recently outperforming Bitcoin

The ETH/BTC exchange rate has risen to a 10-week high, with Ethereum's recent performance outperforming Bitcoin. This ratio has broken through the resistance level of a downward trend line since 2025 and is above the 50-day and 100-day exponential moving averages.

XWIN Research points out that the employee statement released by the U.S. Securities and Exchange Commission explains that DeFi front-end and wallet interfaces do not need to register as broker-dealers under conditions such as non-custodial and neutral fee structures, which has boosted Ethereum's strength. On-chain data shows an upward trend in active addresses, and the Coinbase premium gap is also improving, indicating that U.S. institutional demand is recovering.

Enterprise-level accumulation is accelerating, with Bitmine increasing its holdings by 279,000 ETH in the past 30 days, currently holding 4.87 million ETH, accounting for over 4% of the circulating supply. In the futures market, global ETH open interest has reached $16.37 billion, with the funding rate still negative, indicating that shorts are dominant. However, open interest on Binance has increased by 10.47% to $6.04 billion, and the funding rate has turned positive, creating an extreme imbalance between global shorts and Binance longs.