Ether Outperforms Bitcoin as Token 2049 Expires

Ether (ETH) has overtaken Bitcoin (BTC) in terms of daily gains as two of the crypto world’s biggest conferences, Token 2049 and Solana Breakpoint, draw to a close, but both have remained relatively stable amid a slow market.

According to CoinDesk Indices, ETH is up 2.6% to trade above $2,600, while BTC is up 1.2% to trade above $63,700. The CoinDesk 20 (CD20) Index is trading sideways, up less than 1%.

Data from CoinGlass shows that more short positions than long positions were liquidated in the last 12 hours, with $64.23 million worth of short positions and $54.42 million worth of long positions being liquidated.

Trading has been subdued following last week’s 50 basis point (bps) rate cut. BTC is up 9.5% in the past week, while ETH is up over 16%. Polymarket bettors are almost certain that another rate cut is coming, but are divided on the scope: 47% say the cut will be 50bps, while 47% say it will be 25bps.

Solana (SOL), which was the focus of the Breakpoint conference, is trading sideways above $145.

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Pendle, a portfolio company of Arthur Hayes fund Maelstrom, lost more than 6.5% during the event, leaving investors worried after Maelstrom announced it was partially withdrawing its stake in the project.

Hayes said the move was to finance a “special situation.”

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“Those of you who follow our wallets will get a glimpse of what this is in the very near future,” Hayes wrote.

According to CoinGecko data, Pendle has gained over 24% on a weekly basis.