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Pro traders close Ethereum longs even after today’s $1.15B options expiry

Data shows pro traders who bought the Ethereum price dip below $1,600 are now booking profits even though today’s $1.15 billion options expiry was uneventful.
Ether (ETH) rebounded from a $1,550 low on March 24, which marked a 17% fall from the $1,870 weekly high. Even though the $1.15 billion options expiry in the early hours of March 26 could have pressured Ether price, the continuing surge in gas fees for Ethereum transactions likely played a part.To better assess these forces, one should analyze top traders’ exposure using data provided by the largest crypto exchanges. If the case for the options expiry holds, the long-to-short data from whales and arbitrage desks will show buying activity after the options expiry at 8:00 UTC.Ether price at Coinbase, USD. Source: TradingViewAlthough the Ether price held relatively stable at $1,630 at the time of the expiry, there needs to be some evidence of top traders reverting the previous price pressure. If this is not the case, then there should be no reason to believe that the recent sell-off was related to the options expiry.To confront the options-induced price drop theory, a report by CoinMetrics concluded that the highly anticipated EIP-1559 network upgrade is not likely to solve the problem of high gas costs. The report mentions that only scaling solutions will genuinely fix the problem. Therefore, top traders would have more significant issues to worry about, pressuring Ether price regardless of the expiry date.Traders did not change their attitudeMajor cryptocurrency exchanges provide the long-to-short net positioning. This indicator is …
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