As the date of the Merge update approaches, Ethereum has managed to stand out in the cryptocurrency industry.
Mike Novogratz, founder of Galaxy Digital and crypto billionaire, gave a new speech to Bloomberg TV. in the interview, said that the world’s second largest cryptocurrency could reach $2,200 or more at the start of its much-anticipated update, also known as The Merge. At the time of writing, Ethereum price is trading at $ 1684.
Novogratz is known for his price predictions for cryptocurrencies, primarily Ethereum (ETH) and Bitcoin (BTC). On the other hand, as we previously reported, the investor thinks that, contrary to his predictions about ETH, the BTC price will not exceed $ 30,000 any time in the near future.
Novogratz is not the only one currently expecting a bullish run in ETH. According to statistics recently released by CoinShares, Ethereum has garnered $16.3 million worth of inflows from various institutional investors over the past week. Over the past seven weeks, Ethereum has received more than $159 million in net inflows.
Also, the derivatives market for Ethereum (ETH) has increased significantly; According to the latest report from blockchain analytics company Glassnode, ETH has surpassed BTC for the first time in the options market. According to Glassnode, the size of options contracts on Ethereum It has grown to $6.6 billion. Bitcoin, on the other hand, has an open interest of $ 4.8 billion.
glassnode in its report on the subject made the following statements:
“When we look at the September contracts on the Deribit exchange, the opinion of Ethereum investors is very clear. Options contracts show that ETH price could be higher than $2,200 for September. We can even see open positions up to $5,000.”
According to data compiled by Glassnode from options contracts, investors can have a very positive outlook until the date of Merge.
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.