PANews reported on June 11 that Matrixport stated that Ethereum's funding rate has risen to 13.7%, reaching a new high since February this year, which is typically interpreted by the market as a positive signal that may attract more capital inflow into Ethereum ETF. However, more notably, the futures open interest is approaching the historical high of December 2024, indicating that the main driving force behind this price increase comes from leveraged futures traders, rather than spot buyers.
Unlike Bitcoin, which is driven by spot demand, Ethereum's trend has shown divergence. Recently, call option buying has surged, coupled with gamma hedging effects, leading to a significant risk of price gaps for Ethereum. The market has become increasingly fragile and sensitive to momentum changes. Analysts believe that the dominance of leveraged trading may lead to increased market volatility.
