Ethereum (ETH) derivatives activity has surged to levels that dwarf the spot market. On Binance, futures volumes are now running roughly seven times higher than the actual buying and selling of the asset. The imbalance signals that speculative positioning, not organic demand, is the primary force behind recent ETH price movements. Binance Dominates a Leverage-Heavy ETH Market According to analyst Darkfost, ETH open interest across exchanges is approximately 6