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Market Maker Cumberland States Big Investors Are Opening Long Positions Ahead of ETH Merge

Ethereum has a roadmap to its proof-of-stake switch, known as the merge. Institutional buyers now open long positions. On Thursday, Ether traded at $1.551 midday....
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Ethereum has a roadmap to its proof-of-stake switch, known as the merge. Institutional buyers now open long positions. On Thursday, Ether traded at $1.551 midday.

Cumberland, a crypto market maker, said that institutional investors increased long positions on Ethereum during this week’s rally.

, a Chicago-based company, tweeted that there was no pullback in Thursday morning’s up-trend and that technicals weren’t being driven primarily by macro-related issues.

The firm tweeted, “This move was crypto-fundamental. The Sepolia testnet successfully combined to proof-of-stake July 6th. Setting the stage for an early autumn mainnet merger.”

The mainnet merger refers to Ethereum’s transition from a proof of work to a proof-of stake consensus mechanism. The merge was predicted to take place in September, according to a call with developers last week. Noting that similar projections were subject to change in the past, it is worth noting.

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According to the firm, portfolio allocation is not currently oversubscribed. Therefore, it won’t require significant flows to “move our needle”. It noted that OTC desk was experiencing increased flows. The buy and sell ratios were long-term, with institutional buyers dominating.

Johan Van Bourg (head of trading at Cumberland) said that Cumberland’s tweet thread was due to the incentive structure for volatile assets. It’s always easier than to catch a falling knife.

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Vitalik Buterin, co-founder of Ethereum, spoke at ETH CC Paris on Thursday about the merger. He also echoed the roadmap and previously mentioned benefits of the upgrade.

According to CoinGecko data, Ether traded at $1,551.84 as of the time this article was written. This is an increase of 0.3% over the last 24 hours. The second-largest cryptocurrency by market capital is Ether, which has seen a 34.5% increase over the past seven day. This compares to bitcoin’s 11.4% gains.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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