Recent moves in the price of ether look to be driven by derivatives markets. Open interest has risen to the highest levels since April, when the cryptocurrency was trading at around $3,000, the note said. “This marks one of the largest divergences between price and open interest over the last 3 years,” and indicates further volatility is likely, according to the note.
Source: https://www.coindesk.com/markets/2022/11/02/citi-says-ether-may-be-moving-toward-a-deflationary-future/?utm_medium=referral&utm_source=rss&utm_campaign=headlines