Matrixport: Ethereum's rise is driven by leverage, with open futures contracts approaching historical highs

According to BlockBeats, on June 11th, Matrixport released a daily chart analysis stating that Ethereum funding rates have skyrocketed to 13.7%, reaching a new high since February of 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, indicating that the main driver of this round of price increases 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.