Odaily Planet Daily News: Matrixport released today's chart analysis stating that "Ethereum funding rates have skyrocketed to 13.7%, reaching a new high since February this year. This is usually interpreted by the market as a positive signal, which is expected to attract more funds from Ethereum ETFs. However, a more noteworthy sign is that the volume of open futures contracts is approaching the historical high of December 2024. The main driving force behind the price increase in this round is not spot buyers, but leveraged futures traders.
Compared to Bitcoin, which is still dominated by spot demand, Ethereum's trend shows differentiation. Recently, there has been a surge in call option buying, coupled with the gamma hedge effect, putting ETH at significant risk of short selling. The market is becoming increasingly fragile and sensitive to changes in momentum
