The crypto world has been abuzz about Ethereum’s upcoming software upgrade. Yet there’s a divide in terms of how to position for the so-called Merge: retail investors have been selling the underlying token, while institutions continue to buy.
The trading desk at Genesis saw “some fresh bullish ETH views expressed” with investors buying calls and selling puts. Analysts at Enigma say that traders are likely expecting a retracement following Ether’s big rally since June. Trading firm B2C2 is seeing a lot of Ether buying. And yet BlockFi’s customers have been selling in recent days.
“Retail investors are getting a little nervous about another risk-off period for the markets,” given the Federal Reserve’s hawkish stance, said Matt Maley, chief market strategist at Miller