Ethereum traders take a wait-and-see approach due to concerns that ETH price will sell-off after the Shapella hardfork.
in spot and futures trading volumes, while options market data shows traders are actively adding short-term hedging positions.Ethereum market share in USD trading volume compared to Bitcoin declined to March 2021 lows near 30%, per Kaiko data, showing that Ether has"struggled to maintain pace" with Bitcoin spot volumes. During Ethereum's last big upgrade, The Merge, its market share relative to Bitcoin reached a high of 53%.
“All ETH expiries have moved closely with one another while the longer BTC expiries have remained stable, again indicating that there is more uncertainty—particularly in the long term—in the ETH derivatives markets.”Shapella could bring institutional investors to Ethereum despite risks Ethereum’s falling market share compared to Bitcoin and muted trading interest relative to the Merge highlights the uncertainty in the market due to potential selling pressure after Shapella.
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