For the first time since August, ether futures premiums are trading at par with bitcoin futures on the Chicago Mercantile Exchange, according to the latest K33 Research report.

"The bearish stance on ETH is gone," K33 Research Senior Analyst Vetle Lunde and Vice President Anders Helseth said, suggesting that traders are less inclined to hedge bitcoin exposure with ether, especially as the ETHBTC ratio has dipped to July 2022 lows. This could pave the way for ether to regain strength relative to bitcoin after falling to 0.05, according to the analysts.

Renewed optimism with bitcoin above $34,000

Beyond the largely eliminated discrepancy between ether and bitcoin futures premiums, derivatives markets are demonstrating a more positive outlook following bitcoin’s latest price rally …