PANews reported on December 5th that Matrixport analysis points out that Bitcoin's current rebound is more reflected in position structure than in price itself. Overall positions in ETH and BTC have fallen back to low levels; a similar light-position pattern drove prices up by approximately 38% in a few days earlier this year. In the current "position vacuum" environment, any new exposure could cause prices to rise faster than most traders expect.

Meanwhile, Ethereum's recent major upgrade has substantially changed its economic structure, but the market reaction remains relatively conservative. During the last upgrade, Ethereum experienced a strong surge due to a confluence of positive factors; whether this trend will repeat itself remains to be seen, especially given the less stable buying of government bonds compared to the past.

Despite the uncertainty, ETH has performed strongly since May: the price has risen significantly in recent days, and futures open interest has more than doubled from $8 billion to $16 billion. Furthermore, approximately 35.8% of options trading last week involved call option purchases, indicating that traders are gradually adding back to their bullish positions.