According to data from the analytical startup CryptoQuant, the futures market is contributing to the recent rise in Ethereum's price. Avocado Onchain reported that positions with high leverage in futures, rather than purchases in the spot market, are driving the increase in ETH.
This difference raises doubts about the duration of the rally and the willingness of buyers in the spot market. Avocado noted in his analysis QuickTake "Ethereum Rally Driven by the Futures Market — Will Spot Demand Follow?" that the Ethereum futures volume map shows overheating in some areas with increasing volumes.