After the recent price increase, Bitcoin (BTC) may face the risk of short-term reversal, while the dismal performance of Ethereum (ETH) Futures Exchange Traded Fund (ETF) has also put pressure on cryptocurrency giants.In the short term, the risk of Bitcoin falling seems to outweigh the risk of rising Ethereum's bearish performance has hardly boosted people's confidence in top tier tokens
After the recent price increase, Bitcoin (BTC) may face the risk of short-term reversal, while the dismal performance of Ethereum (ETH) Futures Exchange Traded Fund (ETF) has also put pressure on cryptocurrency giants.
In the short term, the risk of Bitcoin falling seems to outweigh the risk of rising Ethereum's bearish performance has hardly boosted people's confidence in top tier tokens.
Earlier on Monday, six ETHETFs were launched in the United States, and traders expect high demand for these products, with Ethereum and Bitcoin rising to a one month high last week.
However, their performance tells a different story. On Monday, the trading volume of various ETFs was less than $2 million, and the overall trading volume was poor, prompting analysts to change their bullish outlook and switch to investing in Bitcoin.
This sentiment has suppressed prices, with Ethereum losing almost all of its gains since last week, while Bitcoin is generally hovering above support levels.
- Due to the cautious attitude of the Ethereum options market, bearish sentiment is imminent.
Approximately 200000 ETH options are about to expire, with a put option ratio of 0.87, which is a clear sign of bearish sentiment. In addition, the highest pain level is $1650, with a total nominal value of $330 million.
When observing the decline in open positions on all exchanges, this increasingly bearish sentiment becomes more apparent. This indicates a weakening interest in Ethereum options and futures
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