Strijers said Deribit and other platforms have taken snapshot of Ethereum at the time of the Merge to credit ETH holders with potential Ethereum fork tokenon a 1:1 ratio. Snapshots or records of content of the blockchain are commonly used to determine recipients of the planned airdrop – or free distribution of forked tokens.
Market participants, therefore, no longer have to hold ETH or take the so-called market-neutral trade of buying ether and selling short-term futures to collect ETHPOW tokens while bypassing risks from ETH price volatility. As such, the record discount resulting mainly from the market-neutral trade has pretty much evaporated.
Traders began selling futures against ETH holdings early last month after some miners contested the Merge and proposed forking, or splitting, the Ethereum chain into a
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