The listing of ETHPOW across multiple crypto exchanges has been followed by a huge drop in price despite some initial success, but is this only the beginning of its dip?
In addition, decreasing ETHW price may also suggest that traders are betting that an Ethereum chain split is becoming less likely.In a report published Sept. 1, crypto investment firm Paradigm
that the cost of one ETHW token should not be more than $18 after launch. That is nearly 90% below the token's record high of $198, established on Aug. 9., in the Ethereum Sept. 30 futures contracts as the reason behind its $18-price target for ETHPOW. The report highlights that some exchanges, including FTX and Deribit, will measure the rates of their ETH futures/perpetual contracts by referencing Ethereum's PoS version.
And since the ETH futures price now trades at an $18 discount compared to spot prices, the ETHPOW token could draw at least an $18 valuation upon the potential fork."We can infer how much the market estimates ETH PoW will be worth from simply looking at spot-future basis, since spot=POS + POW, while future is just POS," the report explained, adding:The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com.
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