For months, investors have been cheering the planned tech upgrade for its ability to turn ether into a yield generating asset and to improve the security of the network in an energy efficient way. It has been said that it is one of the most important moments in the history of the company.
The popular trade in the market is buying spot ether and shorting ether futures in order to get a free token of the "forked" version of theEthereum. Analysts think that the trade will end after the merger.
"Now that the merger has happened, traders and funds are positioning themselves out of it."
Assets managers and holders are positioning themselves for a longer-term game. The merging of the two networks is just the beginning of a long series of upgrades that will lead to more capacity and better performance of the network.
The market is mostly driven by macro factors. The price of ether was little changed for most of the morning but then fell in tandem with the stock market. The correlation with the stock market hit an all-time high this year.
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