This Data On Ethereum Hits All-History Before Merge! What is the meaning?

According to the latest data Ethereum (ETH) The number of open interest in options has reached an all-time high.

According to the data table, open interest on August 12 reached $ 8.11 billion, almost three times higher than a month ago.

In other words, this means that the positions taken towards the rise of ETH have increased.

“In Ethereum, Investors Take Their Last Position Before Merge”

According to hedge fund LedgerPrime, this new increase in open interest in Ethereum options may be due to ETH’s transition from a Proof of Work system to a Proof of Stake system. According to the hedge fund, it seems that investors are already positioning themselves in suitable positions prior to this transition.

As it is known, the transition of ETH to the Proof of Stake consensus mechanism is expected to be completed in September. With this transition, the amount of energy used by the ETH ecosystem will be almost zero compared to what it is now. ETH founder Vitalik Buterin has stated many times that the transition to the PoS system will definitely not be cancelled.

LedgerPrime wrote in a message on Telegram:

“Long Call Butterfly, which was the most traded structure for ETH last month, moved up to second place this week, with Bull Call Spread taking the lead with 160,000 volumes.”

By the way, bitcoin Options open interest has been declining for months and is currently hovering around $5.5 billion.

Ethereum, in cryptocurrencies rallied more than 16% weekly in the midst of large-scale rally. Open interest in ETH futures is also on the rise, approaching levels not seen since the beginning of April, surpassing $9.15 billion.

*Not investment advice.