Investors wary as Shanghai upgrade looms, options market signals negative sentiment

Quick Take

• The options market is finally starting to price in the Ethereum Shanghai upgrade, supposedly scheduled for April 12.
• Options 25 delta skew at the front end (1 week to 1 Month) suggests bearish sentiment, with puts starting to dominate calls.
• Furthermore, looking at options open interest by strike price — an overwhelming amount of puts (50,000 ETH) calling for $1,600 for April 7.
• However, on April 28, the options market is slightly bullish — with 90,000 ETH calls at $2,000.
• Negative sentiment towards Ethereum in the short term due to the potential of “unlocks.”

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