@seraphicdusk
ETH futures data shows a split between spot and derivatives flows. Ether futures open interest did not increase significantly during the rally, signaling limited appetite from leveraged traders. By contrast, aggregated spot volumes increased with price, while funding rates stayed close to neutral, in line with its 30-day average.
This combination suggests the move has been led by spot demand rather than futures leverage. Spot-driven rallies often indicate organic buying interest, but without futures participation, breakouts can lack durability if momentum weakens.
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