Ethereum's recent major upgrade has significantly altered its economic structure, yet the market response has been conservative. Despite this, traders are gradually increasing bullish positions, as evidenced by a rise in call option purchases, which accounted for 35.8% of options trading last week. Since May, Ethereum's price has surged, with futures open interest doubling from $8 billion to $16 billion. Matrixport analysis highlights that Bitcoin's current rebound is more about position structure than price movement. Both ETH and BTC positions have dropped to low levels, similar to a pattern earlier this year that led to a 38% price increase. In this "position vacuum" environment, new exposures could drive prices up faster than expected.