The confidence behind the longs is well-founded. On-chain data doesn’t lie—within a week, ETH mainnet’s daily on-chain trading volume has jumped 41%, active addresses have broken new highs, and Gas fees have also hit a historic low, showing that the ecosystem really is running. But here’s the problem—what about the price? At the same time, the network-wide 8-hour average funding rate has fallen to -0.0012%, which means that in the contract market, the shorts are still pouring money in, betting it won’t go up. This is the so-called “divergence between volume and price”: on-chain activity is hot, but in the derivatives market things are trembling.