First time ever, Ethereum crosses Bitcoin in the options market
Ether (ETH), the native Ethereum blockchain token, has surpassed Bitcoin (BTC) in the options market for the first time on the Deribit exchange.
Fast facts
- At the time of publication, the cumulative dollar value of open Ether options contracts on Deribit was around US$5.7 billion, while open Bitcoin options trades had about US$4.35 billion locked in.
- The record is attributed to Ethereum’s upcoming September merge of the current proof-of-work blockchain with the proof-of-stake Beacon Chain blockchain.
- Traders predict that “the Merge” will result in a 90% decrease in ETH issuance, followed by an increase in the value of the world’s second-largest cryptocurrency.
- The number of open options trades represents the number of calls and put option contracts that an offsetting position has not challenged.
- It accounts for more than 90% of global trading volume and open interest in Bitcoin and Ethereum options, making it the world’s largest exchange.
Use this link to sign up and start trading with 0% trading fees at Bitdenex Exchange