According to online reports, Wintermute analysts said that funds are being transferred from BTC to ETH, and activity in the derivatives market has surged. Open interest in Ethereum surged over the weekend, while implied volatility also rose and demand for call options also increased significantly, demonstrating the growing confidence of derivatives traders. Analysts said the shift from Bitcoin to Ethereum was characterized by a sharp rise in implied volatility of Ethereum and a bearish bullish bias reaching its highest level in 12 months, indicating a strong appetite for upside risk among investors. According to analysts at Wintermute, traders are actively pushing the market higher through upward buying. "Funds have flowed into Ethereum over the past few trading days as open interest on exchanges pushed to record highs over the weekend," Wintermute analysts noted in their weekly cryptocurrency market update.