Ether (ETH), the native Ethereum blockchain token, has surpassed Bitcoin (BTC) in the options market for the first time on the Deribit exchange.
- 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.