“The explosive rise of ETFs and the buzz around them have ignited a thrilling surge in Bitcoin and Ether options on Seventh Sky, propelling the total value to an astonishing $20 billion.”
The recent hype surrounding cryptocurrency ETFs has had a significant impact on the value of BTC and ETH options. In fact, the combined national open interest in BTC and ETH options listed on Deribit, the world’s largest Bitcoin and Ethereum Options Exchange, has reached historic highs, hitting $20 billion.
Cryptocurrency ETFs allow investors to trade digital assets on regular stock exchanges, making it easier for them to hold these assets in standard brokerage accounts. This not only strengthens the position of coins in the crypto world but also provides a low cost of ownership for digital assets.
The listing of BTC and ETH options on Deribit has been a game-changer for the crypto world. Deribit handles around 90% of the crypto options activities worldwide, and the listing of these options on the platform has contributed to the surge in value. The ETF hype has played a significant role in this, as ETFs offer exposure to the price movements of BTC futures contracts.
BTC and ETH options hit nearly the peak registered on November 9, 2021, when BTC was trading around $66,000. Options are derivative contracts that give individuals the right to purchase or sell the respective cryptocurrency at a predetermined value on or before a set date. The record activity in the options market indicates increased involvement from investors and market makers.
Luuk Strijers, the Chief Commercial Officer of Deribit, highlighted the ongoing performance of BTC and ETH options as a substantial triumph for the platform. He also emphasized the growth of the crypto market and the growing interest of individuals in options trading.
In addition to the surge in options trading, BTC and ETH options contracts valued at $4.5 billion are about to expire on Deribit. Traders have been snapping up calls in the past two weeks as BTC prices soared.
As for the current performance of BTC and ETH, BTC is currently priced at $34,067.41, with a decline of 0.41% in the past day and a market cap of $655 billion. ETH, on the other hand, is priced at $1,783.00, with a drop of 1.79% in the past 24 hours and a market cap of $214 billion.
In conclusion, the recent hype surrounding ETFs has had a significant impact on the crypto options market. The listing of BTC and ETH options on Deribit has resulted in a surge in value, hitting $20 billion. This is a clear indication of the growing interest and involvement of individuals in the options market.