PANews reported on April 16th, citing Cointelegraph, that the ETH/BTC ratio has risen to a 10-week high, with Ethereum recently outperforming Bitcoin. The ratio broke through the downtrend line resistance level since August 2025 and rose above the 50-day and 100-day exponential moving averages. XWIN Research pointed out that a staff statement released by the U.S. Securities and Exchange Commission on April 13th explained that DeFi front-ends and wallet interfaces do not need to register as broker-dealers if they meet conditions such as non-custodial and neutral fee structures, which contributed to Ethereum's strength.

On-chain data shows an upward trend in active addresses, and the Coinbase premium gap is also improving, indicating that institutional demand in the US is recovering. Enterprise-level accumulation is accelerating; Bitmine has added 279,000 ETH in the past 30 days, currently holding 4.87 million ETH, accounting for more than 4% of the circulating supply. In the futures market, global ETH open interest reached $16.37 billion, with funding rates still negative, indicating that short sellers dominate. However, open interest on Binance increased by 10.47% to $6.04 billion, and funding rates turned positive, creating an extreme imbalance between global short sellers and Binance long sellers.