Matrixport: Ethereum's Rally Driven by Leverage, Futures Open Interest Nears All-Time High

BlockBeats News: On June 11, Matrixport released its daily chart analysis, stating that Ethereum's funding rate has surged to 13.7%, marking a new high since February of this year. This is often interpreted by the market as a bullish signal, with the potential to attract more inflows into Ethereum ETFs. However, a more noteworthy indication is that the open interest in futures contracts is approaching the historical high set in December 2024. This suggests that the main drivers of the current price increase are not spot buyers but leveraged futures traders.

Compared to Bitcoin, which is still predominantly driven by spot demand, Ethereum's market dynamics have diverged. A recent surge in call option buying, combined with gamma hedging effects, has left ETH facing significant gap risk. As the market becomes increasingly fragile, it is more sensitive to shifts in momentum.