Last week, ethereum options volume surpassed bitcoin’s for the first time on the digital currency derivatives exchange Deribit. Further, the trading platform recently introduced a $50k ETH strike for March 2022 and explained the $50k call is “gaining immediate buy traction.”
Ethereum Options Volume Grows Exponentially, $50K Strike Flexes Muscle
When it comes to bitcoin (BTC) derivatives, the trading platform Deribit captures the lion’s share of today’s options volume. The cryptocurrency exchange also features bitcoin futures and ethereum options as well. During the first week of May, Deribit’s ethereum (ETH) options surpassed bitcoin (BTC) options for the first time.
Skew analytics data shows while BTC had $880 million on May 3, ETH options saw $1.3 billion. The volume continued that week as the analytics company Skew tweeted about the staggering ETH options volume last Thursday.
“Ether markets seeing record activity this week across spot, futures and options,” the analytics firm tweeted. “Options traders’ anticipations of ether volatility relative to bitcoin are rising,” Skew added the next day.
On May 10, the crypto derivatives exchange Deribit said: “ETH Option flows now dominating BTC. And not just Fast money.” During the last six months, Deribit has captured the largest number of BTC and ETH options in terms of volume and open interest.
“Action across maturities, with Deribit listing the ETH Mar22 50k Call (really!), gaining immediate buy traction. In general, Calls rolled up to keep/add exposure; decent 2-way Put action, but few reducing upside,” Deribit added.
Institutional Investors Fueling Ethereum Markets, $5K Strikes See Build-Up
Since ethereum has recently obtained all-time price highs on spot markets, traders and speculators have been focused on the top two leading crypto assets’ dominance levels.
The leading digital asset bitcoin (BTC) has 42.1% dominance in terms of market cap…