PANews reported on June 11 that Matrixport said that Ethereum's funding rate has risen to 13.7%, a record high since February this year, which is usually interpreted by the market as a positive signal and may attract more funds to flow into Ethereum ETFs. However, what is more noteworthy is that the volume of futures open interest is approaching the historical high in December 2024, indicating that the main driving force behind this round of price increases comes from leveraged futures traders, rather than spot buyers.

Compared with Bitcoin, which is dominated by spot demand, Ethereum's trend is divergent. The recent surge in call option buying, coupled with the gamma hedging effect, has led to a significant gap risk for Ethereum. The market has become increasingly fragile and sensitive to momentum changes. Analysts believe that the dominance of leveraged trading may lead to increased market volatility.