Ethereum's funding rate has surged to 13.7%, marking its highest level since February, as reported by Matrixport. This spike is seen as a positive indicator, potentially drawing more investment from Ethereum ETFs. However, the rise in open futures contracts, nearing December 2024's historical peak, suggests that the current price increase is primarily driven by leveraged futures traders rather than spot buyers. Unlike Bitcoin, which remains spot-driven, Ethereum's market dynamics are diverging, with increased call option purchases and gamma hedging effects heightening the risk of price gaps. The market's sensitivity to momentum shifts indicates a fragile state.