Speaking of risk, there are two sets of data that need to be emphasized, namely the open contract data of $BTC and $ETH . It is clear to see that with the increase in prices, both BTC and ETH have experienced a significant increase in open contracts.

Previously, BTC did not have many open contracts because investors were unclear about the direction, but now, especially in the last month, the increase in open contracts is evident.

ETH, on the other hand, is even more apparent, as it has consecutively broken through the open contract high points of the past year. The increase in contracts indicates that investors are increasing the use of leverage in their bets. Although market activity is rising, the increase in open contracts often corresponds to a potential increase in volatility.

As more leveraged funds enter the market, the severe liquidation in both bullish and bearish directions will happen more frequently, leading to short-term sharp rises and falls.

From these two sets of data, BTC seems to be driven more by spot trading, with investors preferring long-term holding and steady buying of spot, while the leverage aspect is still relatively low, although there has been some increase.

For ETH, however, the main driving force is funds entering through futures and ETFs, with funds more willing to bet through leverage and derivatives, reflecting short-term speculation and FOMO sentiment.