What's up, people! 🚀 Today we are going to dive deep into the universe of Ethereum (ETH), that crypto that keeps making headlines. It seems that ETH is on a rocket trajectory, breaking records and reaching new highs, but be careful! 🤨 Not everything that glitters is gold, and experts are telling us that this surge might have a slightly wobbly foundation.
It turns out that a large part of this Ethereum rally does not come from investors buying and holding long-term (what is known as "spot demand"), but rather from a lot of leveraged bets in the derivatives market. 📈 Imagine it's like people are borrowing to bet that the price will go up, a very high risk! This means that the daily trading volume of ETH futures and perpetual contracts is through the roof, reaching up to $65.3 billion! 🤯 Meanwhile, the "real" market (the spot market) barely exceeds $3 billion. Do you see the difference? This indicates that most of the action is speculative, with traders seeking quick profits.
And not to mention the Ethereum ETFs, which although they have had record capital inflows ($1.78 billion in a week!), it seems that much of that money is not from people who blindly believe in ETH's future. Rather, it is being used for something called "basis trades," which are strategies that take advantage of small price differences between the spot market and the futures market. It's like performing a magic trick with numbers, but it is not a sign of real conviction in the asset! 🎩✨
Furthermore, the yield of the ETH "basis" has skyrocketed to an impressive 14%, its highest level since March. This, although it sounds like a lot of money, is a sign that there are too many leveraged trades trying to take advantage of those price differences. And the truth is that, just as they rise, these trades can deflate very quickly, leaving many with empty hands. 📉
So, the big question is: Can Ethereum maintain this pace without the support of real investors and genuine demand? 🤔 Because if the boom continues to rely only on derivatives and arbitrage, we are walking on a tightrope. ETH needs more than financial tricks to sustain itself; it needs people who believe in its long-term potential and who invest with conviction.
Are we facing a bubble or is it just a slightly wild growth phase? Only time will tell! Stay tuned, because the crypto world never ceases to surprise us. 👀$ETH
