Someone is loading up on Ethereum, and they’re not being subtle about it. Managed-money flows into ETH spot markets have surged to 7.2 times their normal rate ahead of the July Consumer Price Index report, according to on-chain analytics firm Nansen.
The CPI data, scheduled for release on August 12 at 8:30 a.m. ET by the Bureau of Labor Statistics, has become the next major inflection point for risk assets. And crypto traders are placing their bets on both sides of the table.
The great ETH contradiction
Here’s what makes this positioning so interesting: the same class of sophisticated market participants buying ETH hand over fist in spot markets are simultaneously holding net short positions in Ethereum and Bitcoin derivatives.
Ethereum last traded around $1,862, down roughly 0.9%. Bitcoin was hovering near $63,455, off about 1%.
