For Uniswap, the story is positioning:

Open interest on Uniswap surged 15.37 percent as price climbed 11.89 percent, the board's cleanest combination of momentum and fresh money. Funding is positive but not extreme at 8 percent annualized, showing it's getting attention but not yet overheated. It's ranging, but firm, traders are pressing longs. The risk is if open interest unwinds: that could turn moves sharp the other way.