The largest altcoin Ethereum (ETH) has risen to $ 2,800 with the rise it has experienced in the last 24 hours. While the market is expecting ETH to break and exceed the $ 3,000 level, the analysis company evaluated ETH's recent rise. Accordingly, analytics firm Matrixport said that Ethereum's recent rally was due to leverage and not fundamentals. In its latest analysis from the X account, Matrixport highlighted that Ethereum’s outflow was driven by the leveraged trading market rather than the spot market. Analysts stated that the ETH funding rate rose to 13.7%, the highest level since February, and that this level is generally a bullish sign and attracts ETH ETF inflows by mobilizing institutional investors. More importantly, ETH futures open interest is approaching its December 2024 peak, according to analysts, suggesting that leveraged investors, not spot buyers, are leading the ETH rally. “The current Ethereum rally is based on leveraged futures trading, not spot trading. “Ethereum open interest (OI) is near its all-time high from December of last year. Ethereum funding rate has also increased to 13.7%. This is the highest level since February.” Matrixport analysts recently noted a sharp increase in ETH call options. At this point, analysts comparing Ethereum and Bitcoin stated that ETH is driven by the leveraged market rather than spot demand, while Bitcoin continues to be driven primarily by spot demand. *This is not investment advice.