Posted 4/9/2024, 4:55:00 AM
Ether Rallies 3.5% as DeFi Protocol Ethena Boosts ETH While Bitcoin Holds Steady
- Ether (ETH) prices rallied early Tuesday morning while Bitcoin (BTC) held steady
- ETH outperformed the broader CoinDesk 20 index of top cryptos, rising 3.5%
- Gains seem driven by interest in new DeFi protocol Ethena rather than ETF hopes
- Ethena's Total Value Locked (TVL) recently crossed $2.2B after adding BTC as collateral
- Traders adjusted positions expecting BTC strength, leading to funding rate increases
