PANews reported on June 11 that according to The Block, Ethereum derivatives trading volume surged 38% in the past 24 hours, mainly driven by a large influx of funds from spot Ethereum ETFs and a rebound in participation in the DeFi field. Coinglass data showed that Ethereum derivatives trading volume exceeded US$110 billion per day, exceeding Bitcoin derivatives ($84.72 billion).

Market drivers include: US spot ETH ETF has seen net inflows of $890 million for 16 consecutive days; the total locked-in volume of the DeFi ecosystem has increased by 32% from April to $118.8 billion; and the SEC chairman recently expressed support for self-custody of digital assets. Technical analysis shows that $2,800 is a key support level. If the pledged ETF is approved, it may push the price to test the $5,500-6,700 range by the end of the year. In the long run, deflation mechanisms and Layer2 development constitute fundamental support.