BlockBeats news, on August 27, K33 research director Vetle Lunde stated that a long-term holder exchanged 22,400 BTC for ETH, driving Ethereum to a record high last week, highlighting the shift in market momentum. However, the recent price weakness of Bitcoin may not be over yet, as a surge in leverage and a significant rotation of funds towards Ethereum continue to put short-term pressure on it. The nominal open interest (OI) of Bitcoin perpetual futures has soared to a two-year high, exceeding 310,000 BTC (approximately $34 billion), with an increase of 41,607 BTC in the past two months, including a spike of 13,472 BTC over the weekend, marking a potential turning point. The annualized funding rate for Bitcoin jumped from 3% to nearly 11%, indicating an increasingly aggressive long position during the relatively stagnant price period. Lunde stated.