Ethereum derivatives unfazed by DeFi hacks: Can ETH hit $2.6K next?

Key takeaways:

ETH derivatives metrics show professional traders are holding steady and haven’t flipped bearish despite recent DeFi exploits.Ethereum’s 53% Total Value Locked market share and institutional ETF demand continue to provide support near $2,200.Ether price rally stalls, but ETH futures far from bearish

Ether (ETH) price failed to sustain bullish momentum after peaking near $2,380 on Sunday. Repeated failures to break the $2,400 mark over the past four weeks have gradually drained confidence, suggesting professional ETH traders might be jumping ship despite several derivatives and onchain metrics supporting further upside.

ETH perpetual futures annualized funding rate. Source: Laevitas

The ETH perpetual futures annualized funding rate stood at 5% on Tuesday, slightly below the neutral 6% to 12% range. While not particularly enthusiastic, the metric has distanced itself from the bear-controlled negative funding rates seen last week.

ETH options put-to-call ratio at Deribit, USD. Source: Laevitas

ETH options put (sell) volumes have stayed lower than equivalent