In growing anticipation of the long-awaited ETH 2.0 update, Ether’s large positions have become parabolic in Bitfinex since February.
However, since the small positions are also growing, and co-founder Vitalik Buterin is withdrawing his confident prediction of a July launch, the rise has also increased the risk of a violent sale.
Ether’s large positions become parabolic
Large positions have been breaking new records since more than 600,000 were recorded in February, increasing by another 150% in the last two months despite the historic sale of Bitcoin Era, Bitcoin Loophole, Bitcoin Evolution, Crypto Investor, Bitcoin Circuit on March 12 and 13.
However, the number of small positions has also tended to rise significantly since March, almost 200% higher than February’s historical lows. This suggests that some traders are betting on Ether’s price falling.
Bitcoin and Ethereum futures contracts hit new records and most investors are going ‚Longs‘ on ETH
ETH 2.0 release date not clear
There has been confusion in recent days about the release date of ETH 2.0, which could be a factor that would cause an aggressive correction if price action starts to fail.
On May 12, Buterin was asked if phase 0 of ETH 2.0 would start in July:
I think so, Ethereum 2.0 already has two test networks, Topaz and Schlesi, launched a week ago […] That’s the first phase of ETH 2.0 that will bring the Proof Of Stake [implementation]. It’s moving forward on all fronts.
However, Afr, the lead developer, lowered expectations on Twitter the same day, stating
Going to the stages or panels and putting dates is not helpful. I don’t think Vitalik said July. But I didn’t see the talk.
Buterin responded, „Yes, I didn’t say July. Maybe the question contained the word July but I didn’t hear July when it was asked.
After reviewing the images of the event, he added, „Well, I definitely should have heard July in the question, it was my mistake.