Ethereum blockchain’s native token Ether (ETH) has surpassed Bitcoin (BTC) in the options market for the first time on Deribit exchange.
See related article: Tether will support ETH 2.0 amid speculations of Merge delay
- The cumulative dollar value of Ether options contract opens on Deribit was around US$5.7 billion, while open Bitcoin options trades had about US$4.35 billion locked at the time of publication.
- ETH’s record is attributed to Ethereum’s upcoming merge of current proof-of-work blockchain with proof-of-stake Beacon Chain blockchain scheduled for September this year.
- Traders anticipate “the Merge” will cause a 90% reduction in ETH issuance, followed by a rise in the value of the world’s second-largest cryptocurrency, according to CoinDesk.
- Open options trades indicate the number of call and put options contracts traded that have not been challenged by an offsetting position.
- Deribit is the world’s biggest Bitcoin and Ethereum options exchange, accounting for more than 90% of the global total trading volume and open interest.
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