• Ethereum’s prices have been on a decline of late and the number of put options has increased.
• MEV and bot activity on the Ethereum network went uphill.

 Ethereum’s [ETH] prices started to decline massively over the past few days. A lot of optimism was observed before Ethereum’s Shapella Upgrade, which allowed addresses to unstake their ETH from the beacon chain. However, as time passed, the sentiment around ETH started to change.

Read Ethereum’s Price Prediction 2023-2024

Over the last 24 hours, the value of ETH declined by 5.94% according to CoinMarketCap‘s data. The decline in prices was complimented by bearish sentiment from traders.

This was indicated by the fact that a large sum of OTM (Out of the money) block puts, which expire at the end of the month, made up 15% of daily trader volume.

For context, OTM block puts are option contracts with a strike price that is below the current market price of the underlying asset. These options would only be profitable if the price of the asset was to decrease significantly before the option expires.

Hence, the spike in block puts implied that traders were expecting ETH prices to fall further.

Bots and Sandwiches

On the Ethereum network, it was observed that there was a lot of bot activity going on. According to EigenPhi’s data, over the past month, MEV bots on Ethereum set a new record by

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Author: Himalay Patel

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