Institutional investors “actively” long ETH as The Merge prepares to launch

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2022-07-24 00:53:40

With very strong momentum building around Ethereum in recent times, institutional investors have increased their ETH long positions in the derivatives market this week.

Institutional investors “actively” long ETH as The Merge prepares to launch

Specifically, according to information from market maker Cumberland, despite the slight drop on July 21, ETH’s uptrend is intact and technical indicators are not driven by problems. related to macro, most notably the latest US Consumer Price Index (CPI) touched 9.1%.

Cumberland affirmed that investor optimism comes from ETH’s consecutive achievements, including the successful deployment of the Sepolia testnet and the testing of Shadow Fork enhancing the MEV feature to set the stage for consolidation. (The Merge).

The Merge refers to the migration of the Ethereum blockchain from Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS). During the developers call last week, Ethereum had expected that The Merge would take place in the third week of September.

Recently, Ethereum founder Vitalik Buterin appeared at Ethereum Community Conference (EthCC) is being held in Paris (France), to talk about consolidation and announce the development roadmap for Ethereum post-The Merge.

For all of this, Cumberland is seeing a rapid increase in ETH inflows through its OTC tool, accompanied by a high percentage of longs overwhelming shorts over the past week, with buyers buying a share. Big are organizations.

More surprisingly, according to data from CryptoQuant CEO Ki Young Ju on July 20, there was a whale that made $1.7 billion worth of ETH in just one hour. This is the largest hourly order volume in the past 7 months.

At press time, ETH is trading around $1,610, up about 8.34% over the past 24 hours.

1H chart of ETH/USDT price.  Source: Binance
1H chart of ETH/USDT price. Source: Binance

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