PANews reported on November 26 that according to The Block, Wintermute analysts pointed out in their weekly cryptocurrency market update: "In the past few trading sessions, capital flows have turned in favor of Ethereum, and the open interest of exchanges hit a record high over the weekend." The shift from Bitcoin to Ethereum is characterized by a sharp rise in Ethereum's implied volatility, and the bearish-bullish skew has reached a 12-month high, indicating that investors strongly prefer upside exposure. Wintermute analysts said that traders are actively pushing up the market by buying call options.

Wintermute reported that the weekend's block trades included Ethereum December 27 call option spreads with strike prices ranging from $3,600 to $5,000; the significant 8-10 pip premium in recent Ethereum call contracts may attract hedging activities through 10-25 day risk reversals. Ethereum's upward momentum has also triggered demand for ERC20 tokens in the OTC market, with meme coin Pepe becoming the most prominent beneficiary.