Will Ethereum Edge Past BTC? Ethereum Options OI Surges Ahead BTC
Ethereum the number two crypto coin is crossing many pathbreaking events and the most notable event is the forthcoming Merge event. While the crypto sector is still recovering from the shock it sustained and despite disturbing metrics, the Ether derivative segment is on a bullish outlook. With the markets especially the derivative section tanking and with BTC funding rates sinking it is seen that ETH is edging past BTC in Options Open Interest.
Ethereum Options OI Surpasses BTC’s
Arcane Crypto, which is a crypto investment firm based in Scandinavia has recently published an update which underlines the deep concern on the BTC options market in the past week. The latest development also helped Ether futures to outshine.
As per the chart, Ethereum Options Open Interest (OI) has surged to record heights to a new ATH of $8.2B. The BTC had always outpaced Ethereum Options OI. However, Ether has edged past BTC’s OI which sits at $5.4B and clocked $8. 70%. 2B in OI. It is an epoch moment as Ether OI has surpassed BTC.
Checking Volatility benchmarks Ether options recorded an implied volatility at 100% as compared to BTC options which stands at 70%. The report particularly highlights three crowded strike dates- September 30th, December 30th, and March 31st.
Ethereum Merge One Factor For Ethereum Options Rise
The forthcoming Merge software update is also fueling Ethereum’s meteoric rise. The forthcoming merge event is the most talked event in the crypto community. As the discussions increase, the bullish sentiments find extra steam and surges interest.
Ethereum’s funding rate is also looking great. For the novice investors Funding rate is a benchmark for ascertaining dominance of long position traders in the market. Crossing $31 million in the last one day it is evident that short positions appear to have been liquidated more.
The Merge event will happen on September 15-16 and it is surging the Ether’s values and bullish sentiments.