Main navigation

Ethereum Bears Just Lost $300 Million in Only One Hour

Thu, 09/08/2022 - 08:13
article image
Arman Shirinyan
Merge hype already brings profit to market makers and Ethereum derivatives platforms
Ethereum Bears Just Lost $300 Million in Only One Hour
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Almost $300 million in Ethereum open interest has been closed out in an hour on perpetual contracts, with futures and options included. Such massive relief for the market is an extremely positive sign one week ahead of the Merge.

The unexpected spike in liquidations and stop-loss triggers was tied to Ethereum's unexpected bounce above the $1,600 price level after the plunge below $1,500 that happened yesterday, following a short-term panic.

Ethereum on Proof-of-Stake: Comprehensive Guide to The Merge

The nature of the current price move remains undisclosed as no major event that could have caused the bounce appeared in the space. In general, Ethereum is moving in an uptrend ahead of the Merge, despite the negativity on the market.

Compared to Bitcoin, Ethereum is showing significantly better results as the second biggest cryptocurrency on the market gained 10 times more to its value since the 2022 bottom.

Merge hype brings $7.6 billion

According to the most recent data shared by Glassnode, open interest on the Ethereum derivatives market has exceeded $7.6 billion with a great spike in July, when the final date of the Merge update has been released.

The major part of the volume is reflected in Ethereum call options. Investors mostly bet on the increasing price of the second biggest cryptocurrency on the market with $1.5 billion worth of, but options remain open as hedges against the unexpected price drop caused by technical issues that may occur during or after the transition.

At press time, the cryptocurrency is trading at $1,610 and losing around 1.2% of its value in the last 24 hours. Despite the correction we saw on Sept. 6, Ether remains in a local uptrend‌.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.