Matrixport published a daily icon analysis saying that Ethereum's funding rate has surged to 13.7% - the highest level since February, which typically attracts inflows from Ethereum ETFs, which are often seen as a positive sign. More importantly, however, the amount of futures unpositioned squaring contracts is approaching its December 2024 peak, suggesting that leveraged futures traders rather than spot buyers are the main driver of current price action.
This contrasts sharply with bitcoin, where spot demand remains the main driver. This is exacerbated by a surge in call options buying, and the resulting gamma hedging is introducing significant gap risk to ETH price movements. Markets are becoming increasingly vulnerable and highly sensitive to further momentum shifts.
Matrixport: Leverage is the main driver of the current Ethereum price movement
2025-06-11 07:05:33
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