币界网报道：Ether's recent rally appears unstable as Matrixport warns last week's surge was driven by speculative futures positions rather than organic demand, leaving ETH vulnerable to sharp declines. The asset dropped over 8% during a Saturday sell-off amid geopolitical tensions, with derivatives data showing traders aggressively hedging downside risks. Options market indicators reveal sustained bearish sentiment, as ETH's 25-delta risk reversals remain negative through July expiries, reflecting heightened demand for downside protection. QCP Capital notes similar hedging activity in BTC and ETH markets, with long holders actively managing spot exposure risks. ETH currently trades near $2,248, down from last week's peak above $2,400.