According to data from the analytics startup CryptoQuant, the futures market has contributed to the recent rise in Ethereum's price. Avocado Onchain reported that positions with high leverage in futures, rather than purchases in the spot market, are driving up ETH.
This difference raises doubts about the duration of the rally and the willingness of buyers in the spot market. Avocado noted in his QuickTake analysis "Ethereum Rally Driven by Futures Market — Will Spot Demand Follow?" that the Ethereum futures volume map shows overheating in some areas with increasing volumes.
It is likely that this surge in futures volume is driven by leveraged bets, as highlighted by the yellow circles on the map, and the price increases of ETH.
However, spot market data indicates relative stability without an increase in volume, suggesting that ordinary buying pressure has not yet caught up.
The analyst also noted that the open interest (OI) of Ethereum in futures has reached record highs, confirming the speculative nature of the current trend.
Avocado wonders whether the momentum of the futures market will match the demand in the spot market. He stated that such demand could boost activity in the altcoin market.
An unusual premium follows the trend of capital inflow into spot ETFs focused on Ethereum, which have reached record daily highs.
Although current data does not indicate overheating, Dan warned investors about potential dangers if strong rising activity repeats in the second half of 2025.
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