Ethereum Options Traders Show More Bullish Sentiment Than Bitcoin Counterparts
Ethereum's 90-day options skew is at -2.8%, indicating a less bearish stance compared to Bitcoin's -4% skew. For longer-dated options, Ethereum's skew sits around -1.7%, while Bitcoin remains at -4%, suggesting a relatively more bullish positioning on ETH among traders.
Key catalysts influencing Ethereum's outlook include the upcoming Fusaka upgrade, substantial ETH purchases by BitMine, and a macroeconomic environment supportive of interest rate cuts. However, the absence of sustained inflows into spot Ethereum ETFs is noted as a missing factor to fuel a major rally.
Ethereum currently trades around $3,100, down approximately 2% in the last 24 hours. Year-to-date, ETH is down about 3% compared to Bitcoin's 6%. Since October, Ethereum has declined 19%, while Bitcoin has fallen 25%.
Retail sentiment measured by Myriad shows Bitcoin investors are more bullish, with 75% expecting BTC to reach $100,000 before dropping back to $69,000. In contrast, 49% of retail investors believe Ethereum will hit $4,000 before falling to $2,500.
Professional traders' sentiment has shown reduced bearishness but no indication of a Santa rally. Short-dated Ethereum put-call skew briefly turned positive, and the Black-Scholes risk appetite index is bottoming out, a historical pattern that typically precedes sentiment turnarounds.
