Golden Finance reported that Wintermute analysts said that funds are moving from BTC to ETH, and derivatives market activity has surged. Ethereum’s open interest surged over the weekend, while implied volatility also rose and demand for call options increased significantly, signaling growing confidence among derivatives traders. Analysts said the move away from Bitcoin and into Ethereum was characterized by a sharp rise in Ethereum’s implied volatility, with the bearish-call bias reaching its highest level in 12 months, indicating a strong investor appetite for upside risk. According to analysts at Wintermute, traders are actively pushing the market higher through upside buying. “Funds have been flowing into Ethereum over the past few trading days as open interest on exchanges pushed to all-time highs over the weekend,” Wintermute analysts noted in their weekly cryptocurrency market update.