, not just the price itself. The overall positions of ETH and BTC have retreated to a low range, and a similar light-position pattern earlier this year pushed prices up by about 38% within a few days. In the current “position vacuum” environment, any new exposure may cause price increases to outpace most traders' expectations. Meanwhile, Ethereum's recent major upgrade has fundamentally changed its economic structure, but the market's reaction remains relatively conservative. During the last round of upgrades, Ethereum rallied strongly due to multiple favorable factors, but whether this will repeat remains to be seen, especially as Treasury-related buying is less stable than before. Despite the uncertainty, ETH has still performed strongly since May: price rose significantly within a few days, and futures open interest doubled from $8 billion to $16 billion. In addition, about 35.8% of last week’s options volume was from buying call options, as traders are gradually adding back bullish positions.