Professional Investors Turn to Ethereum

Ethereum options investors think the price will increase with the EIP1559 update, which will be available in July. Professional investors turned to Ethereum. Visa announced on March 29 that it will allow partners to use USDC on the Ethereum blockchain network. Since then, ETH positions in both futures and options markets have surged to $ 7 billion, the highest level in the past month.

ETH Options Market Is Quite Optimistic

Ethereum options market has received large investments that will expire in June, according to a statement by cryptocurrency analyst and trader Cantering Clark. The price of the trade with the highest open position is around 3 thousand 200 dollars. Although this value does not mean that Ethereum will necessarily reach the level of $ 3,200, it points out that professional investors are targeting it.

Experienced trader Clark stated the following on the subject:

"Is the ETH season starting? The options market has received huge investments, marking June. The strike value of $ 3,200 is targeted." There are multiple reasons why investors expect Ethereum to see above $ 3,000 by June. One of the biggest factors is the highly anticipated EIP1559 update. EIP1559 will overhaul the existing fee structure of the ETH blockchain network and will be available in July 2021.

High Amount of ETH Outflow from Exchanges

CryptoQuant CEO Ki Young Ju said that for a few days there have been massive Ethereum outflows from cryptocurrency exchanges. He stated that 400 thousand ETH was removed from Coinbase earlier this week and this situation will return as an increase in corporate interest in Ethereum and said: "A few days ago, 400,000 ETH came out from Coinbase. It's a speculative estimate, but institutions are buying ETH." Exits usually indicate that savings have been made by institutions or people with large investments. The reason for this is that if whales buy cryptocurrencies from exchanges, they usually move their assets to their own wallets.