- As of this writing, the cumulative dollar value of Ether on the options contract has reached 5.7 billion USD.
- The data and statistics in open options trades clearly show the number and volume of options contracts being traded that are not at all affected by the offsetting position.
- According to sources, the Deribit exchange handles 90% of the global trading volume and open interest.
Ether Skyrocketing in The Options Market
To all the Ethereum lovers out there, a piece of good news! Ether (ETH) is finally rising above Bitcoin (BTC) for the first time ever in the options market. Ether is the native token of the Ethereum blockchain. As of this writing, the cumulative dollar value of Ether on the options contract has reached 5.7 billion USD. Bitcoin is not doing so much too. BTC option trades are standing strong at around 4.35 billion USD. The currencies are exchanged on Deribit Exchange.
One of the major reasons for this sudden upsurge is ‘The Merge’ that, according to speculations, is going to happen very soon. In the new Ethereum update, the proof-of-work blockchain is going to be shifted to the proof-of-stake blockchain. As of now, the update is scheduled to happen in September, this year.
‘The Merge’
According to the investors, ‘The Merge’ will reduce the ETH issuance by a whopping 90%! This pushed up the value of the cryptocurrency drastically. The data and statistics in open options trades clearly show the number and volume of options contracts being traded that are not at all affected by the offsetting position. Deribit is one of the biggest options exchanges in the world of Bitcoin and Ethereum. According to sources, the firm handles the majority of the global trading volume and open interest, 90% to be precise.
Source: https://www.thecoinrepublic.com/2022/08/02/ethereum-surpassing-bitcoin-for-the-first-time/