Ethereum overtakes Bitcoin in the options market

General interest in options Ethereum (CRYPTO:ETH) exceeded bitcoin (CRYPTO:BTC) for the first time on Monday.

What happened

According to Glassnode, at press time, the cumulative value of open interest on ETH contracts in the mainstream crypto derivatives market Deribit was $5.6 billion, surpassing $4.3 billion for BTC.

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Deribit accounts for over 90% of the global crypto exchange volume and open interest.

Most ETH options were calls, as evidenced by the put/call ratio of 0.26. As for options on BTC, it stood at 0.5.

To a large extent, the bullish nature of ETH betting is showing as the merger approaches, which means that the blockchain will move to Proof-of-Stake, which will bring many changes, including a reduction in the net supply of ETH.

Deribit Insights noted that the implied volatility in money (ATM) for ETH has increased more significantly than the implied volatility for BTC.

“BTC option ATM implied volatility levels rose in a similar fashion to ETH during the two peaks in May and June, but only increased by 10 percentage points after each crash, as opposed to ETH’s two 20-point flight steps,” writes Deribit. .

“This culminated in a three-month trend of ETH ATM theft outperforming BTC, which was somewhat of an expected development given the former’s biggest decline since November’s all-time highs.”

Price movement

According to data from Benzinga Pro, the price of BTC has fallen 1.9% to $22,946 in the last 24 hours, while the price of ETH has fallen 5.85% to $1,594.

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