Merge hype already brings profit to market makers and Ethereum derivatives platforms
Nearly $300 Million in Ethereum Open Interest Has Been Locked in an hour On perpetual contracts, which include futures and options. Such a big relief for the market a week before the merge is a very positive sign.
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.
The nature of the current price move has not been disclosed as there is no major event leading to a bounce in the space. In general, Ethereum is moving in an uptrend prior to the merge, despite the downside 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 brings in hype $7.6 billion
According to the latest data shared by Glassnode, open interest in the Ethereum derivatives market has exceeded $7.6 billion with a great spike in July, when the last date for the merge update is issued.
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 over the past 24 hours and has lost around 1.2% of its value. Despite the correction we saw on September 6th, Ether remains in a local uptrend.
