Put options indicate selling, whilst call options indicate buying. The heavily hyped merge event scheduled for September 15 has prompted purchasing pressure to outweigh selling, as evidenced by the call options being displayed on the ETH network.
Despite being difficult for a few years, the merge is expected to be the largest software upgrade in the Ethereum ecosystem since it will shift the protocol from proof-of-work (PoW) to proof-of-stake (PoS).
Consequently, a number of experts and institutions think that this development may accelerate Ethereum's efforts to become a deflationary asset.
For instance, the merger will reduce global Ether issuance by 4.2% annually, which would be deflationary, according to recent analysis from the American multinational investment firm Citigroup or Citi, as reported by Blockchain.News.
The number of addresses holding more than 100 ETH has reached an 18-month high, and Ethereum address activity has been hitting new heights. During intraday trade, ETH climbed by 6.7% over the previous 24 hours to reach $1,622, according to CoinMarketCap. It will be interesting to see how the second-largest cryptocurrency develops following the Bellatrix update, which has already started the process for the integration.
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