Odaily News Matrixport released today's chart analysis, saying, "The Ethereum funding rate has soared to 13.7%, a new high since February this year. This is generally interpreted by the market as a positive signal, which is expected to attract more funds from the Ethereum ETF. However, a more noteworthy sign is that the volume of open futures contracts is approaching the historical high in December 2024. This shows that the main driver of this round of price increases is not spot buyers, but leveraged futures traders. Compared with Bitcoin, which is still dominated by spot demand, Ethereum's trend is divergent. The recent surge in call option buying, coupled with the gamma hedging effect, has put ETH at significant risk of gapping. The market is becoming increasingly fragile and sensitive to changes in momentum."