Matrixport: This round of ETH increase is driven by leverage, facing significant gap risk
FXH Non-small number news Matrixport released today's chart analysis stating, "The Ethereum funding rate has soared to 13.7%, reaching a new high since February this year. This is usually interpreted by the market as a bullish signal, expected to attract more funds into Ethereum ETFs.
However, a more concerning sign is that the open interest in futures contracts is approaching the historical high of December 2024. This indicates that the main driver of this price increase is not spot buyers, but leveraged futures traders.
In contrast to Bitcoin, which is still dominated by spot demand, Ethereum's trend shows divergence. Recently, the surge in bullish options buying, combined with the gamma hedging effect, puts ETH at a significant gap risk. The market is becoming increasingly fragile and sensitive to momentum changes."
