According to leading crypto analytics platform Glassnode, Ethereum traders are opening positions predicting an ETH price between $2,200 and $5,000 ahead of The Merge update scheduled for September 19.
For the first time in history, $ETH Options Open Interest at $6.6B has surpassed $BTC Open Interest at $4.8B.
This appears to be a result of traders betting big with call options the Merge scheduled for mid-September.
Read more in our latest analysis👇https://t.co/hMma8TQtzw pic.twitter.com/dyOCgIcLpZ
— glassnode (@glassnode) August 8, 2022
On-chain analytics firm, Ethereum optionsHe underlined that for the first time, with an open interest of $ 6.6 billion, Bitcoin surpassed $ 4.8 billion in Bitcoin. This came after Ethereum derivatives traders continued to bet on the crypto asset in a clear direction, especially in the upcoming Merge update.
Although not yet at an all-time high, we can say that Ethereum options are pretty close to the high.
Koinfinans.com As reported by, call options remain very broad from put options, as traders are predicting a massive rise in Ethereum price above $2,200 and up to $5,000. However, the lowest estimate price is currently around $1,350.
glassnodenoted that this appears to be a highly complex market positioning that provides additional evidence that institutional capital is embedded in the maturing liquidity of the futures and options markets.
According to data from on-chain analytics firm, the volatility smile has shifted to an extremely bullish trend due to significant buy demand for Ethereum call options expiring in September. On the contrary, the shape and scale of the September-October volatility smile indicates a relatively low demand for ETH exposure through options after the Merge event.
What are the Prospects After Ethereum Consolidation?
Glassnode allows traders until September Ethereum price He reported using call options to speculate on the issue, but the retrospective nature of futures and options after September continues to indicate that a “sell the news” assumption holds. Second, it can also be seen that traders interpret themselves for the Merger as a “buy the rumor, sell the news” kind of event.
The report shared by Glassnode states that given that the eyes are on the Merger for both upside speculation and the event of selling a news after the fact, futures traders are discounting Ethereum after the Merger and are willing to pay a premium for downside protection. .
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.