Analysts observed that funds are shifting from BTC to ETH, and the derivatives market indicates that investors expect ETH to rise further. Last weekend, ETH's open interest surged, while implied volatility increased, and demand for call options also significantly rose, indicating that the confidence of derivative traders is continuously strengthening. Wintermute analysts stated that the shift from BTC to ETH is characterized by a sharp increase in implied volatility for the latter, with the put-call skew reaching its highest level in 12 months, indicating a very strong preference among investors for the upside risk of ETH. Traders are actively pushing the market higher through upward buying: "In the past few trading days, funds have flowed into ETH, and last weekend, the open interest positions at exchanges were pushed to an all-time high." (The Block)