Data collected by Glassnode suggests that options traders are looking "extremely bullish" for September, but leaning bearish again for October, the month after the merge.
A look into the Ethereum derivatives market indicates that the "merge"— a long-awaited upgrade to the Ethereum network—is setting the stage for crypto traders to "buy the rumor, and sell the news."
That’s according to the blockchain intelligence firm Glassnode, which today reported "backwardation" across both ETH options and futures heading into September, when the merge is expected to occur. The term backwardation refers to when prices for an asset in the futures market are lower than its underlying spot price.
A look into the Ethereum derivatives market indicates that the "merge"— a long-awaited upgrade to the Ethereum network—is setting the stage for crypto traders to "buy the rumor, and sell the news."
That’s according to the blockchain intelligence firm Glassnode, which today reported "backwardation" across both ETH options and futures heading into September, when the merge is expected to occur. The term backwardation refers to when prices for an asset in the futures market are lower than its underlying spot price.