The volume of long positions on the air is growing in anticipation of the launch of ETH 2.0

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4 years ago

In anticipation of the launch of Ethereum 2.0, which is scheduled for July this year, the Bitfinex exchange recorded an increase in the volume of long positions on ETH.

The number of contracts began to increase markedly from mid-March, immediately after the price of ether fell to the $ 100 area.

“As a major provider of liquidity for ETH, Bitfinex attracts a large number of traders who trade in ether. Now all the attention of investors and ecosystem participants is focused on the upcoming launch of ETH 2.0, ”said Paolo Ardoino, Bitfinex Technical Director.

On the Bitfinex exchange, the volume of open positions on air futures exceeds $ 500,000, while on the largest platform for trading derivatives of BitMEX ethers, it reaches $ 80 million. Such a bullish attitude by Bitfinex traders can indicate both expectations of an increase in the cost of ether and hedging of risks .

Increased demand for ether is also observed on over-the-counter (OTC) markets.

“We began to record the growth in volumes of purchases of ether immediately after its price collapsed in the region of $ 100 in mid-March. Large investors are taking a long wait for the upcoming ETH 2.0 update, ”said Ricky Li, co-founder of Altonomy, a trading company and former CME Group research and product manager. But at the same time, the volume of Bitcoin purchases is still “overshadowed” by other cryptocurrencies.

Messari analyst Wilson Withiam believes that the Ethereum community does not agree with traders and expresses “cautious optimism” regarding the launch of ETH 2.0, which has already been postponed many times. According to him, the launch of Ethereum 2.0 "is influenced by too many variables that developers cannot take into account."

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