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

quick take

• The options market is finally starting to show the price of the Ethereum Shanghai upgrade, supposedly scheduled for April 12th.
• Option 25 front end (1 week to 1 month) delta skew suggests bearish sentiment, with puts starting to dominate calls.
• Additionally, looking at the options open interest by strike price, we see a staggering put (50,000 ETH) demanding $1,600 on April 7th.
• However, the options market was slightly bullish on April 28, with a 90,000 ETH call at $2,000.
• Negative sentiment towards Ethereum in the short term due to possible “unlocking”.

Post Investors wary of Shanghai upgrade looming, options market shows negative sentiment first emerging on CryptoSlate.