Viewpoint: ETH rise is dominated by short positions covering, not driven by new long positions.

PANews May 16 reported that Sui Chung, CEO of crypto index provider CF Benchmarks, stated that the recent rise in ETH is mainly driven by short positions covering, rather than institutions establishing new long positions. The annualized basis for CME Ethereum futures remains in the range of 6%-10%, indicating a lack of leveraged long momentum in the market. Additionally, the U.S. Spot ETH ETF recorded net inflows on only ten trading days over the past four weeks, with a single day exceeding $100 million only once. Chung mentioned that this round of rise reflects more risk aversion and position adjustments, rather than new market demand.