Arthur Hayes, the former CEO of the BitMEX cryptocurrency exchange, claims that the current Ethereum futures term structure may point to a significant rally after the merge.
Backwardation described a term structure where futures contracts trade lower compared to the cryptocurrency spot price.
While it might be seen as a reason to be bearish on the price of Ethereum, Hayes believes that Ethereum traders are hedging out Ethereum exposure on the cusp of the much-anticipated merge event. This adds additional selling pressure to the Ethereum spot market, according to the controversial entrepreneur.
After years of disappointing delays, some market participants believe that the upgrade could still go awry due to how monumental and technically challenging it is.
RelatedDate of Ethereum Merge Has Been Revealed
reported by U.Today
Ethereum
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