Main navigation

Ethereum Bears Just Lost $300 Million in Only One Hour

Advertisement
Thu, 8/09/2022 - 8:13
Ethereum Bears Just Lost $300 Million in Only One Hour
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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.

Related

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.

Advertisement

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.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD