According to TechFlow by Deep Current, on June 11, Matrixport released today's chart analysis stating, "Ethereum's funding rate has surged to 13.7%, reaching a new high since February this year. This is generally interpreted by the market as a bullish signal, potentially attracting more capital inflows into Ethereum ETFs. However, a more noteworthy sign is that the open interest in futures contracts is approaching the historical high of December 2024. This indicates that the main driver behind the recent price increase is not spot buyers but leveraged futures traders.

In contrast to Bitcoin, which is still dominated by spot demand, Ethereum's trend is showing divergence. Recently, bullish option buying has surged, combined with gamma hedging effects, exposing ETH to a significant gap risk. The market is becoming increasingly fragile and more sensitive to momentum changes."

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TechFlow reports that on June 11, Matrixport released today's chart analysis stating, "Ethereum's funding rate has surged to 13.7%, reaching a new high since February this year. This is generally interpreted by the market as a bullish signal, expected to attract more capital inflows into Ethereum ETFs. However, a more noteworthy sign is that the open interest in futures contracts is approaching the all-time high set in December 2024. This indicates that the main driver behind the recent price increase is not spot buyers but futures traders using leverage.

In contrast to Bitcoin, which is still dominated by spot demand, Ethereum's trend is showing divergence. Recently, bullish option buying has surged, combined with gamma hedging effects, posing a significant gap-up risk for ETH. The market is becoming increasingly fragile and sensitive to changes in momentum."

Matrixport: This Round of ETH Rally is Driven by Leverage, Facing Significant Gap Risk