$ETH’s moving again and right now it’s mostly the derivatives traders behind it.
Futures and perp volumes are strong, hitting $39B to $65B daily. Even the ETF inflows look like basis trades trying to lock in that 15% yield.
So it’s definitely leverage-driven for now. The interesting part? If spot demand steps up too, it could give this move more legs.
Derivatives started it but spot buyers will decide how far it goes.
