Éter (ETH) precio subió 32% leading up to August 23, and despite testing the $3,000 support multiple times, the level has held firmly. mientras tanto, Bitcoin (BTC) could not sustain the $50,000 marca, at least in the short-term. According to Cointelegraph, pro traders are not yet inclined to add bullish positions according to derivatives metrics.

Asombrosamente, the opposite situation emerges when looking at the sentiment of Ether traders who currently show a reasonable degree of confidence in the current price level.

Regulatory pressure and spectacular NFT growth back traders confidence in Ether

El lunes, Tocón del amanecer, a commissioner at the Commodity Futures Trading Commission (CFTC), stated that:

A trading platform that offers derivatives on digital assets to U.S. personas sin registrarse, o en violación de las reglas comerciales de la CFTC, is subject to the CFTC’s enforcement authority.

It is unclear why Bitcoin’s and Ether’s reaction to the news would be any different, but it is worth noting that commissioner Stump is only one of four to six CFTC members on panels that regulate commodities.

mientras tanto, payment processor giant Visa surprised the NFT market, announcing a $150,000 CryptoPunk acquisition. Cuy Sheffield, the head of crypto at the $500 billion market cap company said:

With our CryptoPunk purchase, estamos saltando en pies primero. This is just the beginning of our work in this space.

For those unfamiliar, the Ethereum network is the absolute leader in the NFT segment, and a single marketplace called OpenSea has processed more than $1 billion worth of transactions in the past 30 dias.

Éter (ETH) price in USD at Kraken. Fuente: TradingView

Pro traders are neutral-to-bullish according to futures markets

To understand how bullish or bearish professional traders are leaning, one should analyze the futures basis rate. The basis is also frequently referred to as the futures premium, and it measures the difference between longer-term futures contracts and the current spot market levels.

UN 5% a 15% Se espera una prima anualizada en mercados saludables., in a situation known as contango. This price difference is caused by sellers demanding more money to withhold settlement longer.

sin embargo, this indicator fades or turns negative during bearish markets and flashed a red flag known as ‘backwardation’.

Bitcoin 3-month futures annualized basis. Fuente: laevitas.ch

Como se muestra arriba, la corriente 11% annualized premium is neutral but much better than one month ago when the metric held below 5%. sin embargo, a healthy market does not need excessive optimism from pro traders, which usually ends with excessive leverage longs and a basis rate above 15%.

Options traders have been flirting with ‘greed

Para excluir las externalidades específicas del instrumento de futuros., one should also analyze options markets.

los 25% el sesgo delta compara una llamada similar (comprar) y pon (vender) opciones. The metric will turn positive when fear is prevalent as the protective put options premium is higher than similar risk call options.

The opposite holds when market makers are bullish, causando el 25% delta skew indicator to shift to the negative area. Lecturas entre negativo 8% y positivo 8% generalmente se consideran neutrales.

Deribit ETH options 25% sesgo delta. Fuente: VOLATILIDAD

Notice how Ether option traders have been flirting with the ‘greedlevel since Aug. 7 when the indicator dropped below the negative 8 límite. This data validates the futures contract premium, which has improved over the past couple of weeks and is currently sustaining a healthy ‘neutral’ nivel.

Derivatives data shows the pro traders that are more active on quarterly futures and Ether options trading sitting comfortably at the time of writing.

Los puntos de vista y opiniones expresados ​​aquí son únicamente los de la autor y no reflejan necesariamente las opiniones de Cointelegraph. Cada inversión y movimiento comercial implica un riesgo. Debe realizar su propia investigación al tomar una decisión.