• Ethereum has the most active developers in the Layer one (L1) and Layer Two (L2) ecosystems.
• Traders seem to be taking ETH positions ahead of the Shapella update.
• The options Open Interest (OI) across all exchanges had been increasing since 24 March.
Ethereum Becomes Most Active Blockchain
Ethereum has surpassed Cardano and Polkadot in terms of active developers as measured by Token Terminal, with 199 developers compared to Polkaodt’s 172 in second place. Ahead of the 12 April completion of the Shanghai upgrade, Ethereum [ETH] is set to become the blockchain with the most active developers in its Layer One (L1) and Layer Two (L2) ecosystems.
Traders Taking ETH Positions
As Ethereum ramps up preparations to enable staked Ether withdrawal, traders are increasingly taking ETH positions. According to Glassnode, there has been an increase in options Open Interest (OI) across all exchanges since 24 March and at press time, this metric was $7.56 billion. This indicates that traders are forecasting which direction ETH will head given its forthcoming upgrade. Meanwhile, the Ethereum fear and greed index was 61 out of a possible 100 at press time, suggesting that market mentions do not see a buying opportunity nor expect a notable correction soon.
CME Group Data
Institutions who trade Over The Counter contracts however may have different views from those of the overall derivatives market according to CME Group data which shows that at press time ETH’s futures OI was down to 4,246 while volume increased to 5,103 ETHs worth today?
Current State Of Market Activity
The current state of market activity suggests that traders are taking advantage of potential opportunities before upgrades take place on Ethereum blockchain platform such as Shapella Update which is due for completion on 12 April 2021 and Staked Ether [StETH] withdrawal which is currently being prepared for launch by Ethereum team members..
In conclusion it appears that traders are looking for potential opportunities within the crypto space ahead of upcoming updates on Ethereum blockchain platform with some even creating long term positions based on their positive outlook towards ether prices after these updates are implemented successfully.