Ethereum’s put-to-put ratio in the options market has surged to its highest level since May 2022, according to a new report from Bitfinex Alpha.
This suggests that the market may be accumulating bearish bets ahead of this week’s planned Shapella upgrade on the ethereum network.
In contrast, Bitcoin’s on-chain data shows that major cryptocurrency exchanges have observed negative net flows of BTC into Bitcoin wallets, suggesting a shift toward storing Bitcoin in cold wallets rather than exchanges. Possibly a sign of increased confidence in Bitcoin’s long-term potential.
Likewise, the realized price for short-term Bitcoin holders (STH) is currently about $22,500, while the realized price for long-term holders is about $19,000.
This is a bullish sign for the Bitcoin market and reflects a healthy development, as a further decline to these levels could provide significant support.
Meanwhile, the DeFi and NFT space continues to gain traction with increasing adoption of these Dapps. The recent cryptocurrency market continues to show strong growth potential as investor interest increases.