Odaily News Analysts have observed that funds are moving from BTC to ETH, and derivatives markets indicate that investors expect ETH to rise further. ETH's open interest surged last weekend, while implied volatility rose and demand for call options also increased significantly, indicating that derivatives traders are growing confident. Wintermute analysts said that the shift from BTC to ETH is characterized by a sharp rise in the latter's implied volatility and a 12-month high in the bearish-bullish bias, indicating that investors have a strong appetite for upside risk in ETH. Traders are actively pushing the market higher by buying on the upside: "Funds have flowed to ETH over the past few trading days, pushing open interest on exchanges to an all-time high last weekend." (The Block)