On September 30th, the cryptocurrency market saw its largest single day option trading volume after quarterly option delivery. According to the cryptocurrency option trading platform Deribit, the total trading volume of cryptocurrency options in the past 24 hours was $2
On September 30th, the cryptocurrency market saw its largest single day option trading volume after quarterly option delivery. According to the cryptocurrency option trading platform Deribit, the total trading volume of cryptocurrency options in the past 24 hours was $2.47 billion. This accounts for 3.7% of the global 24-hour perpetual trading volume of all exchanges. From a historical perspective, this proportion has never been so high.
The emergence of this situation can be described as a mixed blessing. The good news is that cryptocurrency option trading is gaining momentum, and the resumption of trading by traders after quarterly delivery indicates that investor enthusiasm is rapidly increasing.
Unfortunately, according to data and recent analysis of the "investment environment", it seems that a considerable portion of investors who have completed earnings settlement have started to "short", and the cryptocurrency spot trading volume continues to be in a "shrinking" state. The Ethereum transaction is the most significant among them.
According to Glassnode monitoring, the number of addresses holding more than 10 ETHs has continued to decline, hitting a new low of 347455 in three months.
It should be noted that since the SEC accelerated the approval of ETH futures ETFs, several ETFs have passed or are about to pass. Bloomberg analyst James Seyfart stated that there are currently a total of 9 potential Ethereum futures ETFs, and the SEC may accelerate approval of their launch on Monday.
Why is ETH experiencing such an "extreme" polarization under such a "promising future"? Coin Leizhen believes that in addition to capital favoring BTC, there is also a "hidden truth".
In fact, this situation began shortly after Ethereum reported the Cancun Deneb upgrade in Cancun, and may have been directly affected by opposition from some key members of the Ethereum community (after all, it is indeed difficult for long-term ETH supporters to take the "public welfare route"), and there is still a "big mountain" in front of Cancun upgrade that is difficult to overcome.
We know that the purpose of the Cancun upgrade is to expand the capacity of the Ethereum main chain, enhance the scalability, security, and availability of the Ethereum network, improve the TPS of the main chain, reduce gas fees, and drive the explosion of the Layer2 ecosystem.
But in fact, the excessive prosperity of the "pledge track" on the Ethereum chain has seriously hindered the development of the Layer2 ecosystem, which is a "fish and bear's paw cannot have both" multiple-choice problem (at least so far there is no perfect solution). The upgrade of Cancun has been repeatedly postponed or the "conflict" point of the Ethereum community may be here!
Currently, over 24.7% of Ethereum in circulation (with a total pledge of over 29.7326 million ETH2.0, valued at approximately $48.1 billion) has been pledged. If we continue at the current rate, this number will increase to 50% by May 2024 and 100% by December. (100% impossible to achieve, but the momentum of pledge is already difficult to suppress)
According to Christine Kim, Vice President of Research at Galaxy Digital, if interest in Ethereum pledging does not significantly slow down in the coming months, the size of the Ethereum validator set may pose problems for blockchain.
It can be said that this is no longer just an issue with Ethereum itself, but has already affected the macro issue of the entire "backbone" of cryptocurrencies transitioning from Layer1 to Layer2. After all, not everyone can "see" a 4% pledge income, especially loyal holders.
For the current development of Ethereum, reducing GAS fees or increasing transaction speed is no longer meaningful (far ahead), and further expansion or the development of the Layer2 ecosystem are urgent issues that need to be addressed. I hope that Ethereum will become better and better, and I also hope that its team will consider being more loyal supporters. Can't we just "smash the pot after dinner"?
I'm done, come on! I am Zhaocai Ge, an old chive who sincerely wishes you a prosperous life in the coin circle. You can privately write to me and chat together.
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