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Avatar Frenzy, ETH Volatility & A DeFi Ecosystem Snapshot

Aug 5, 2021 · 3 min read

By Ashwath Balakrishnan, Jeremy Ong, and Joo Kian

Market Update

BTC & ETH opened the Asia session with a fair bit of selling leading to a weaker European session. With EIP-1559 going live today, a weak “sell the news” event played out right before the US session. NFTs continue their run. Over 1,700 ETH has been burnt at the time of writing this report.

ETH Options Put Call Ratio At A 3-Month Low

There’s been a notable increase in open interest and volume on ETH options. With the much-anticipated EIP-1559 going live in today’s London hard fork, the most obvious theory is that traders have been using derivatives, such as options, to speculate on the outcome.

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