Interest in call options expiring after the Ethereum network’s Pectra hard fork is shaping new market positioning amid uncertainty surrounding Trump’s actions, according to a report by QCP Capital.

Asia Colour – 18 Feb 25

1/ The options market is signaling a shift. #ETH’s term structure is developing a kink around the March expiry, likely reflecting positioning ahead of Ethereum’s Pectra upgrade, expected to go live in early April.
— QCP (@QCPgroup) February 18, 2025

Pectra, initially planned for early March 2025, is now expected to take place on April 8. The date was set by the consensus layer team during the ACDC Call on February 6.

According to QCP Capital, after The Merge in September 2022, the market followed the classic “buy the rumor, sell the news” pattern—Ethereum’s price more than doubled from June lows before facing a pullback.

The next major upgrade, Shanghai, in April 2023, was initially met with pessimism due to concerns over increased supply. When these fears proved unfounded, ETH surged by 30% in the following months.

Analysts believe the weakness of altcoins could also hinder Ethereum’s recovery.

“Beyond market catalysts, sustainable growth will require significant progress in crypto adoption and network development—not just speculative flows,” they concluded.

Ethereum continues to face “intense competition” from rival blockchain projects like Solana, according to JPMorgan analysts.

Earlier reports suggested further weakening of digital assets amid political uncertainty.