Can ETH hit $2,000 before the Shanghai upgrade? This dataset suggests that…
ambcrypto.comEthereum’s blockchain has reportedly seen a noteworthy surge in large trades over the last 2 weeks. The kind of trades that are usually associated with more market confidence.
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Additionally, recent data seemed to suggest that 40% of trades on the Ethereum network were ETH block trades. A classic case of buy the rumour and sell the news?
Well, major upgrades have historically attracted strong demand days ahead of the main event. The trades might be related to large trades executed towards the end of March. Additionally, the data also highlighted that ETH’s demand currently outweighs sell pressure, as indicated by higher calls than puts. These observations seem to be in line with the bulls’ influence on the market.
<p lang=«en» dir=«ltr» xml:lang=«en»>ETH block trades accounted for 40%, with the main trades concentrated at the end of the month, clearly a big bet on Shanghai upgrade. Calls are now trading in majority, especially during yesterday's pump, buy-calls were traded hotly, pushing up IVs across major maturities. By… pic.twitter.com/S2GNWugAPA— Wu Blockchain (@WuBlockchain) April 6, 2023
Additionally, further investigation revealed that the confidence boost among ETH investors is not limited to block trades. In fact, Glassnode found that the retail segment is also responding positively to the Shanghai upgrade countdown. For instance – The number of addresses holding at least 0.01 ETH is now at a new ATH.
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