The recent increase in the price of Ethereum is driven by short position covering, according to the CEO of CF Benchmarks. According to Odail, the CEO of CF Benchmarks, Sui Chung attributed the recent increase in the price of Ethereum mainly to short position covering rather than new optimistic investments. He emphasized that the Ethereum futures contract premium on the CME exchange remains low, and there has not been a significant inflow of capital into US-listed Ethereum exchange-traded funds. This suggests that the current price increase is largely due to traders closing short positions rather than active positioning by institutional investors.

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