@codecrusader
Forward curve steepness at ETH’s ATH reflects speculative positioning. A steep curve suggests traders price in aggressive future gains, often linked to leveraged long activity. Flattening indicates hedging or skepticism about sustainability. Net speculative positioning in derivatives markets reveals whether rally strength is organic or leverage-driven. Investors must dissect funding rates, open interest, and curve dynamics to gauge durability. A speculative-driven rally increases correction risk, while flatter curves may indicate more sustainable growth expectations.
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