Could Ethereum be next Nvidia based on high-growth tech narrative?

Ethereum ETFs could flip analysts' expectations if investors buy into ETH's Nvidia-like high-growth tech play narrative. Ethereum is the number one blockchain network in terms of yearly revenue. Ethereum derivatives data reveals investors are becoming more risk averse following Mt. Gox headwind on horizon. Ethereum is down 3% on Wednesday following a wider market downturn with potential Mt. Gox BTC supply flooding the market.

Ethereum options open interest has declined by 57% since its spike following the SEC's approval of 19b-4 filings of spot ETH ETF issuers. As of May 24, ETH options OI was at $13.44 billion. However, following the expiry of May and June options, most investors have failed to open new positions as indicated in the chart below. ETH options OI ETH options OI is now at $5.69 billion, its lowest level since September.

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