Matrixport: Bitcoin's current rebound is more reflected in position structure rather than price itself

Foresight News reported that Matrixport tweeted, "Bitcoin's current rebound is more reflected in the position structure rather than the price itself: the overall positions of ETH and BTC have fallen back to a low range. A similar light position pattern earlier this year pushed prices up by about 38% within a few days. In this near 'position vacuum' environment, any new exposure could drive the price up much faster than most traders expect. At the same time, Ethereum's major upgrade has substantially changed its economic structure, but the market's response to this remains relatively conservative. During the last upgrade cycle, Ethereum experienced a strong rally under the combined influence of several positive factors; whether this round can repeat that performance remains to be seen, especially as Treasury-related buying is no longer as stable as before."

Even with the above uncertainties, ETH's price and position performance have remained strong since May: ETH has risen significantly within a few days, and futures open interest doubled from $8 billions to $16 billions in just a few days. Last week, about 35.8% of options traded were call option buys, and traders are quietly adding back bullish positions."