Sophisticated traders are planning for Ethereum to continue rallying until a revolutionary software update for its blockchain occurs, after which the cryptocurrency will crash. Ethereum is soaring in anticipation of this update.
Speculators collect call options
In September, when the refresh is overdue, traders in the derivatives markets are stockpiling call options to wager on Ethereum’s growth.
The long-overdue Ethereum upgrade has been well received by investors, who have increased the price of their token by about 80% over the past month.
After being delayed by a few years, the switch to this so-called proof-of-stake method is anticipated to occur soon.
In recent days, there has been enough excitement over the Ethereum blockchain update that, according to Glassnode, open interest in the options token has hit $6.6 billion, surpassing Bitcoin’s $4.8 billion for the first time, and Ether OI is on the verge of breaking all-time highs.