ETH Whales Move $20M to Exchanges: Mixed Sentiment Amid Price Surge and Options Market Caution

The ETH market is currently experiencing a period of significant whale activity and price appreciation, coinciding with negative outliers in options implied volatility and deltaskew. This dynamic suggests a complex interplay of bullish spot market sentiment, driven by recent upgrades and institutional interest, alongside a cautious or even bearish outlook in the derivatives market. The overall narrative points to a market grappling with short-term price gains against a backdrop of potential long-term uncertainty or hedging strategies.