$ETH

Crypto Traders Invest $110 Million on Bet of Ethereum Price Drop to $1,300!

Options traders are becoming increasingly bearish on Ethereum, with contracts worth $110 million betting that the price will not exceed $1,800 in April, as many anticipate it could drop to $1,300. Zach Burks, CEO of Mintology, links this drop to high short-selling driven by institutions and the negative impact of rising rates. The current price of Ethereum is slightly above $1,600, reflecting a 2% decline in 24 hours, while Bitcoin and XRP are experiencing a slight recovery.

Investor sentiment is extremely pessimistic, triggering massive sell-offs, including the $8 million sale of Eric Trump's crypto project, which incurred a 55% loss. This decline has also affected large investors, with one trader losing $74 million. Developer and user activity on Ethereum has drastically decreased, with a 67% drop in weekly code contributions and the lowest number of unique traders in a year.

Despite facing these challenges, some remain optimistic. Robbie Mitchnick from BlackRock sees Ethereum as the foundation for future tokenization and believes that an Ethereum ETF could gain traction with new features. Conversely, analysts predict that XRP could surpass Ethereum by 2028 if conditions do not improve.