The spot ETH ETFs are live, but how are pro traders positioned in the options market?
Ether (ETH) has been trading within a narrow 6% range between $3,370 and $3,560 for the past week. Notably, Ether's last close above $3,600 occurred on June 17, potentially missing a significant opportunity from the spot Ethereum exchange-traded fund (ETF) listing in the United States on July 23, an event anticipated for over three years.
One can hardly blame the lack of momentum in cryptocurrencies given that Bitcoin (BTC) is trading merely 10% below its all-time high. More importantly, US-listed spot Bitcoin ETFs have amassed $961 million in net inflows over the last two trading days. The lack of excitement for Ether becomes evident in ETH derivatives metrics. But does that imply that traders are betting on a price decline?
Analysts were optimistic about the net inflows for the spot Ethereum ETFs. However, there were concerns about potential outflows from the Grayscale Ethereum Trust (ETHE), which was converted from a trust fund that previously did not allow investors to cash out. Grayscale’s decision to keep ETHE expense fees at 2.5%, which is much higher than competitors, also influences this movement.
