ETH derivative traders take neutral stance amid recovery- Here’s why

ambcrypto.com:

The cryptocurrency market experienced a small recovery phase as it crossed the $1.03 trillion market cap. Two of the leading cryptos, Bitcoin [BTC] and Ethereum [ETH] witnessed a surge in their respective price action over the last seven days.

But, it looks like the latter showed more focus and determination towards its recovery.

Ethereum‘s major and most-expected upgrade, Merge (also known as Ethereum 2.0) is scheduled for this summer by ETH developers. However, a fixed date hasn’t been set yet. Nonetheless, some of the ETH holders are rejoicing in their profits thanks to their decision of HODLing.

Both BTC and ETH have had a great rebound month in July. But, the largest altcoin saw far more signs of profit taking as compared to BTC’s neutral approach.

Source: Santiment

The ratio between transactions in profit vs. loss painted two very different pictures for the top market cap assets. Clearly, ETH’s metric rose above its arch-rival.

Indeed, the much-anticipated Merge created an overall optimism within the flagship network. For instance, ETH whales have been accumulating the token with the merge approaching closer.

Source: ITB

Furthermore, Ethereum developers have shared a target for a mid-September Merge, fueling ETH’s rise to $1500. In fact, the token traded at around the $1,508 mark, at press time.

In fact, many companies are extending support to the largest altcoin now. For example, Galaxy Digital. The Galaxy Institutional Ethereum Fund bought $75.6 million worth of ETH according to a filing with the Securities and Exchanges Commission.

The purchase was on behalf of 21 investors, each with a minimum of $100,000 invested.

Now, you might ask- Is the market getting overheated? Well, there could be a possibility as derivatives