Recent market activity for Ethereum (ETH) has shown significant signs of acceleration, according to data from Michael Nadeau, founder of DeFi Report. His insights on X (formerly Twitter) revealed a 40% increase in open interest for ETH within the past few days, indicating a surge in leveraged long positions. This surge is further evidenced by a dramatic jump in daily trading volume, which now averages $15-18 billion, compared to previously between $4-6 billion. This influx of real capital has also led to a rise in the funding rate from 0.005% to 0.03%, with short liquidations exceeding $85 million in recent days. These factors all suggest that ETH is experiencing a spike driven by real capital, increased leverage and the impact of a short squeeze.