[Analysis: Ethereum upgrade alters economic structure, but market reaction remains cautious; traders are gradually adding back bullish positions] Matrixport analysis indicates that Bitcoin's current rebound is more reflected in position structure rather than price itself. Overall positions in ETH and BTC have fallen back to low ranges, resembling the light positioning pattern earlier this year that drove prices up by approximately 38% within a few days. In the current 'position vacuum' environment, any new exposure could accelerate price increases beyond most traders' expectations. Meanwhile, Ethereum's recent major upgrade has substantially altered its economic structure, but the market reaction remains relatively conservative. During the previous upgrade cycle, Ethereum experienced a strong rally driven by multiple favorable factors. Whether this round can replicate that performance remains to be seen, especially given that treasury-related buying is less stable compared to before. Despite uncertainties, ETH has performed strongly since May: prices have risen significantly within a few days, and futures open interest has doubled from $8 billion to $16 billion. Additionally, approximately 35.8% of last week's options volume consisted of bullish call option purchases, indicating that traders are gradually adding back bullish positions.