Matrixport: The upward momentum of Ethereum is weakening, it's suggested to use for hedging against Bitcoin bullish risks
TechFlow news from Shenchao, Matrixport released a new report stating that as Gas fees decrease, Ethereum is losing its upward momentum. It indicates that the approval of Ethereum ETFs is controversial and after the Dencun upgrade, an important catalyst has been removed.
Furthermore, Matrixport suggests using Ethereum as a hedge (short) against any Bitcoin long positions.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Data: BitMine currently holds approximately 3.56 million ETH, with an unrealized loss of $2.98 billion.
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