Ethereum options data show pro traders ready to go long into ETH’s Merge
ETH price hit resistance at the $1,600 level, but this is not stopping options traders from opening fresh leveraged longs.
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ETH price hit resistance at the $1,600 level, but this is not stopping options traders from opening fresh leveraged longs.
BTC derivatives used by whales and market makers do not support a continuous price recovery above $24,000.
BTC bulls aim to secure a $235 million profit from July 22’s BTC options expiry, but a downside move below $22,000 could nix this plan.
Bitcoin’s failure to break above $22,000 on July 8 opened room for bears to score a $100 million profit in this week’s options expiry.
Data shows Ethereum options traders are less bearish that before, and margin-based markets recently saw some investors go ultra-long on 491,000 ETH.
BTC bulls think the bottom is in, but a neutral-to-bearish price formation and the absence of a futures premium contradict their optimism.
Bitcoin’s derivatives metrics reflect slight improvements since the $17,600 low, but whales and market makers continue to price higher risk of another breakdown.
ETH price faces headwinds from bearish technicals coupled with strong Ethereum investment outflows.
Bulls bet on BTC prices above $60,000 for the June monthly options expiry, and now pro investors are going to pay a hefty price for being wrong.
Risk-averse BTC derivatives traders throw in the towel after futures contracts trade below the spot market price.