$ETH The Ethereum rally at $2,610.19, while impressive, leaves much to be desired. This is because it is said that the unwinding of short positions is fueling the rally, not new long positions or bullish bets leveraged on the Chicago Mercantile Exchange (CME).

"The rally is mainly the result of short position covering – traders unwinding bearish positions – rather than an increase in bullish conviction," Sui Chung, CEO of the cryptocurrency index provider CF Benchmarks, told CoinDesk. CME derivatives, preferred by institutions, track the CF Benchmarks Bitcoin Reference Rate – New York variant (BRRNY).