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An Ounce of Hopium for ETH Bulls

Sep 29, 2021 · 4 min read

By Ashwath Balakrishnan

Market Update

It’s a relieving sight to see green across the board for crypto today, although it isn’t a very convincing bounce for majors such as BTC and ETH. Coins like DYDX (+12.1%), AR (+11.6%), AXS (+10.5%), and BNB (+10.3%), are leading this bounce at the moment, but for most it looks more like mean reversion rather than solid demand. The market, very honestly, doesn’t look pretty. But in today’s edition of the Delphi Daily, we examine the near-term bull case for ETH, and offer the slightest bit of hopium.

September Blues
It’s been a terrible month for crypto from all angles. Open interest for ETH futures and options is down nearly 40% since the start of September. The market is crippled by fear, but, thankfully, there is a silver lining. Options open interest fell as dramatically as it did at the end of this month due to a large number of recent expiries (September monthlies, Q3 quarterlies). Further, given the amount of op

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