Ethereum Prints ‘God Candle’ Against Bitcoin on Bybit as Traders Pile In on Bullish ETF News

Traders on Bybit aggressively long ETH/BTC following speculative Ethereum ETF updates, driving major price action.

Ethereum Prints ‘God Candle’ Against Bitcoin on Bybit as Traders Pile In on Bullish ETF News

Disclaimer: This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›

Dubai, United Arab Emirates, May 21st, 2024, Chainwire – 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. Following the news, traders potentially profited from ETH’s impressive 15% move against BTC.

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.

For some traders, 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.

About Bybit

Bybit is one of the top three cryptocurrency exchanges by trading volume with 30 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, users can visit Bybit Press.

For media inquiries, users can contact: [email protected]

For more information, users can visit:

For updates, users can follow: Bybit’s Communities and Social Media



Head of PR
Tony Au
[email protected]


Press Release Syndication

Chainwire x CryptoSlate

Broadcast your project news with guaranteed coverage on industry-leading publications like CryptoSlate.

CryptoSlate has partnered with Chainwire to deliver press releases distributed across numerous crypto media sites, including Cointelegraph, Decrypt and The Defiant.

Chainwire has been used by over 800 brands and PR agencies worldwide.

Get Started with Chainwire