Wintermute analysts indicate that funds are shifting from BTC to ETH, with a surge in derivatives market activity. Over the weekend, open interest in Ether skyrocketed, while implied volatility also increased, and the demand for call options has notably risen, suggesting that the confidence of derivatives traders is continually strengthening. Analysts state that the shift from Bitcoin to Ether is characterized by a sharp rise in Ether's implied volatility, with the put-call skew reaching its highest level in 12 months, indicating a strong preference among investors for upward risk. According to Wintermute analysts, traders are actively driving the market up through buying on the upside. In their weekly cryptocurrency market update, Wintermute analysts noted: "Over the past few trading days, funds have flowed into Ether as open interest on exchanges surged to historic highs over the weekend."