Crypto Investors Step Up Bet Against Ether as the Loom ‘Consolidates’
Investors ramped up their bets on ether, the second largest cryptocurrency, on the eve major software upgrade of the Ethereum network expected early Thursday morning.
The cost of holding a short position – betting that the value of ether will fall – in the perpetual futures market has increased prior to the upgrade, a sign that investors are increasingly hedging theirs when updating the network. The so-called funding rate for ether perpetual futures, a type of futures contract with no expiration date, has been negative for more than a month, meaning traders are paying a premium. risk for pessimistic bets.