Published on November 10, 2023 11:28 GMT+00:00edited on November 10, 2023 11:31 GMT+00:00

The price of ether surged over 10% yesterday after BlackRock registered an Ethereum Trust in Delaware and a spot Ethereum ETF with Nasdaq a few hours later, leading to a “nuclear winter for everybody who doubted Ethereum,” according to investment firm Matrixport's Head of Crypto Research and Strategy Markus Thielen.

“A massive short squeeze occurred overnight in ether. The funding rate is the highest ever and signals total panic for shorts,” Thielen said in his DeFi Research report today. “This is nuclear winter for everybody who doubted Ethereum. Market-neutral crypto hedge funds are making a killing with these funding rates. Inflows into crypto hedge funds will be high on the agenda for allocators.”

Trading firm QCP Capital also attributed ether’s outperformance over bitcoin overnight …