Investors wary as Shanghai upgrade looms, options market signals negative sentiment

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Quick Take

  • The options market is finally starting to price in the Ethereum Shanghai upgrade, supposedly scheduled for April 12.
  • Options 25 delta skew at the front end (1 week to 1 Month) suggests bearish sentiment, with puts starting to dominate calls.
  • Furthermore, looking at options open interest by strike price — an overwhelming amount of puts (50,000 ETH) calling for $1,600 for April 7.
  • However, on April 28, the options market is slightly bullish — with 90,000 ETH calls at $2,000.
  • Negative sentiment towards Ethereum in the short term due to the potential of “unlocks.”
Options 25 Delta Skew: (Source: Glassnode)
Ethereum Options Open Interest: (Source: Glassnode)
Ethereum Options Open Interest: (Source: Glassnode)
Ethereum Options Open Interest: (Source: Glassnode)
Ethereum Options Open Interest: (Source: Glassnode)

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