Matrixport: Leverage is the main driving force behind the current Ethereum price movement.

Golden Finance reports that Matrixport has released daily icon analysis stating that the funding rate of Ether has surged to 13.7% - the highest level since February, which usually attracts fund inflows into Ethereum ETFs, and such inflows are often seen as a favourable signal. However, a more important signal is that the open interest in futures contracts is approaching the peak of December 2024, indicating that leveraged futures traders, rather than spot buyers, are the main driving force behind the current price movement. This stands in stark contrast to Bitcoin, where the spot demand remains the main driving force. An exacerbating factor in this situation is the surge in bullish call option buying, which is introducing significant gap risks to the ETH price movement through the resulting gamma hedging. The market is becoming increasingly fragile and extremely sensitive to further momentum changes.