Ethereum faces another mountain to climb, at least until Merge
Pinagmulan: Glassnode Glassnode reported on another faltering statistic for Ethereum. The Perpetual Futures Contracts volume reached a new low. The volume dropped to a 3-month low on the exchange-giant Bitmex in the past 24 hours to $94.6 million. This low was previously experienced in the aftermath of the credit crisis in the crypto industry back in June 2022. Pinagmulan: Glassnode Trader profits have also dried up in a week or so as seen in the chart below. According to the analytics firm, Ethereum is in a very delicate position after its Merge-anouncement-related returns turned grey following the Powell speech. On 28 August, the MVRV index value stood at -14.5% on the 30d chart as investors interest tumbled. Pinagmulan: Santiment Konklusyon This completes the round-up explaining the Ethereum situation among traders as they battle for profitability. As it stands, the Merge will be the starting point for traders on the network to build on. The vast margins of this network still face the threat of faster and low-cost blockchains such as Solana and Polygon.