'The Merge' narrative continues to bring interest and trading activity to crypto. In August, Ethereum accounted for 40% of all crypto trading volume. BTC had around 30%.
Ahead of 'The Merge' ETH derivative markets are implying bullish sentiment. The call/put ratio currently stands at 3.81.
Meaning, there are more than 3 times the number of options to buy vs options to sell.
The highest call option stands at a US$3,000 strike price.
It’s NOT all bullish for 'The Merge'…
Major ETH whales have moved 11% of their holdings from cold wallets onto centralized exchanges. Historically, this is a sign of a plan to sell.
At this point does anyone know if ‘The Merge’ is bullish or bearish?
Important crypto events upcoming:
September 13: August US CPI data will be released
September 13-14 (updated date): The Merge (Ethereum)
September 21: The Fed interest rate hike announcements
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