Wintermute analysts said that funds are moving from BTC to ETH, and the derivatives market activity is surging. The weekend saw a surge in unpositioned squaring contracts for Ethereum, while implied volatility also rose, and demand for call options also increased significantly, indicating growing confidence among derivatives traders. The shift from bitcoin to ether has been characterized by a sharp rise in implied volatility and bearish bullish bias at its highest level in 12 months, indicating a very strong appetite for upside risk, according to analysts at Wintermute. According to analysts at Wintermute, traders are actively driving the market higher with upside buying. "Over the past few trading days, money has flowed into ether as unpositioned squaring contracts on exchanges over the weekend pushed to all-time highs," Wintermute analysts noted in their weekly cryptocurrency market update.