According to PANews, Sui Chung, CEO of cryptocurrency index provider CF Benchmarks, stated that the recent rise in ETH is primarily driven by short covering rather than institutions establishing new long positions. The annualized basis for CME Ethereum futures remains in the 6%-10% range, indicating a lack of leveraged long momentum in the market. Additionally, in the past four weeks, the US spot ETH ETF recorded net inflows on only ten trading days, with a situation exceeding $100 million in a single day occurring only once. Chung noted that this round of increase reflects more of a risk aversion and position adjustment rather than new market demand.

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