Millions of Dollars Deleted in Altcoin: Here’s Why!

Millions of Dollars Deleted in Altcoin: Here's Why!

Ethereum open interest with an average value of $300 million, including futures and options, was closed in just one hour. >Ethereum Merge With less than a week to date, a relief rally was interpreted very positively. As we have reported, the liquidations and stop-loss triggers occurred at an unexpected level and many positions were closed as a result of the rise in the Ethereum front. If the relaxation rally Ethereum priceIt came just after the short-term panic in the market and then the price dropped below the $1500 level. As a result of the relief rally, the price also bounced above the $1600 level.

Millions of Dollars Deleted in Altcoin: Here's Why!

The nature of the current price action could not be attributed to a specific cause as no significant event occurred that could cause a price jump. Generally, EthereumDespite the negative market, it seems to be moving in an uptrend ahead of The Merge.

Compared to Bitcoin, Ethereum is performing quite well as the second largest cryptocurrency on the market, gaining 10x more since its 2022 low.

According to the latest data shared by Glassnode, open interest in the Ethereum derivatives market surged to over $7.6 billion in July, when the deadline for The Merge update was released.

Most of the volume is reflected in Ethereum options. Investors are mostly betting on the rising price of the largest $1.5 billion altcoin in the market, but notable bets have also been placed on options against unexpected price drops caused by technical issues that may occur during or after the transition.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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