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Decentralized Finance Report founder Michael Nadeau posted on X discussing the ETH market performance:
1. In the past few days, the open contracts of ETH have increased by 40%, which indicates a large amount of leveraged long positions;
2. The spot trading volume of ETH has surged from $4-6 billion per day to $15-18 billion, indicating a real inflow of funds.
3. The funding rate has increased from 0.005% to 0.03%;
4. In the past few days, the amount of ETH short liquidations exceeded 85 million US dollars.
All in all, ETH is currently showing signs of "real money inflows, long positions, and short squeezes", and the rise is driven by a combination of three reasons.