Ethereum traders shorted ETH price in record numbers during the Merge — 50% crash ahead?

Ethereum successfully completed its long-awaited transition to proof-of-stake via “the Merge” on Sept. 15, while traders have been increasingly shorting Ether (ETH) in anticipation of a sell-the-news event.

Ether’s futures funding rates across leading derivatives platforms dropped below zero—to their worst levels to date—before the Merge. The rate dropped to as low as -0.6% on BitMex.

ETH funding rates history. Source: Coinglass three-day price chart featuring ‘symmetrical triangle’ setup. Source: TradingView daily price chart. Source: TradingViewEthereum balance on exchanges. Source: Glassnode

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