Therefore, Ethereum [ETH] is becoming the current favorite of professional cryptocurrency traders.

As the Shanghai Update approaches, Ethereum traders have started to take out large call options for ETH, despite expected uncertainties. While whales have shown interest, network speed and growth have started to slow down.

As expectations around ETH’s volatility continue to rise with the Shanghai Update approaching, recent reports suggest that traders have started to show positive interest in Ethereum. This is evidenced by data showing that at press time, 20,000 block call options were traded, indicating that most traders have started to take out call options on ETH. One reason for this could be a significant drop in implied volatility for ETH.

Implied volatility is a measure that gauges the expected volatility of an underlying asset. A significant drop in implied volatility for ETH suggests that the market does not expect ETH’s price to be very volatile in the near future. This highlights that the market is becoming more stable and less uncertain, despite the upcoming Shanghai Update.

However, interest in ETH is not just limited to traders. The number of new addresses joining the Ethereum network has reached an all-time high of 95.89 million addresses, according to glassnode data. Notably, many of these addresses were not profitable in the past, but are now in the green. This could lead to increased selling pressure on ETH, as those who have made significant profits may have greater incentives to sell.

One factor that could balance this selling pressure is the unlocking of Ethereum held in the beacon chain after the Shanghai Update. According to Santiment data, a significant amount of ETH staked in the beacon chain is still unprofitable. When these addresses receive their ETH, the likelihood of them selling is very low. In fact, these addresses may consider holding onto their ETH for much longer before deciding to cash out.

Overall, Ethereum is becoming the current favorite of professional crypto traders.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Trump Predicts Elon Musk Will Return to GOP — Calls Dogecoin-Linked Tesla Boss “80% a Super Genius”

COINOTAG reported on September 4 that former U.S. President...

AMERICAN EAGLE BEATS EARNINGS IN SPITE OF BACKLASH, LAST UP 12%

AMERICAN EAGLE BEATS EARNINGS IN SPITE OF BACKLASH, LAST...

APPLE, GOOGLE REACH DEAL TO EVALUATE GEMINI MODEL FOR NEW SIRI

APPLE, GOOGLE REACH DEAL TO EVALUATE GEMINI MODEL FOR...

Coinglass: Bitcoin Could Trigger $1.289B CEX Short Liquidations at $114,000 — $1.231B Long Liquidations Below $111,000

COINOTAG News (Sept. 4) cites Coinglass data indicating that,...

Trump Suggests Tariffs Could Replace Income Tax; Supreme Court to Hear Case — What It Means for Bitcoin

COINOTAG reported on September 4 that President Trump indicated...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img