Bullish on Shanghai upgrade: bulk trading accounts for 40% of ETH trading

According to data, $ETH’s bulk trading accounts for as much as 40% of total volume, with the majority of trades concentrated at the end of this month. It is speculated that big players are betting on the Shanghai upgrade. 

Currently, bullish positions dominate the market, especially during yesterday's push to $2,000, where a large number of active buyers bought call options, driving up IV in major expiry periods. 

Meanwhile, BTC's short-term IV has been trending downwards, reflecting the recent low volatility levels.