EthereumAhead of the long-awaited “The Merge” update in . This is the first time that Bitcoin has been defeated by Ethereum.
While the unexpired value in Ethereum options reached $8.2 billion, bitcoinThis number is around 5.4 billion dollars in options. Such a big difference between the two assets also seems to be linked to the fact that Bitcoin isn’t as volatile as the second largest cryptocurrency in the market and there isn’t any major news targeting it.
Activity in ETH options has blossomed as Ethereum nears its merge date.
The open interest in #ETH options has reached a new all-time high, overtaking the #BTC options open interest for the first time in history. pic.twitter.com/X7FHoGCiDC
— Arcane Research (@ArcaneResearch) August 17, 2022
We will likely see a continuation of this trend shortly before The Merge update and the trading volume in Ethereum and even Ethereum Classic derivatives will continue to increase. We would like to remind you again that this upcoming update is the biggest update for the blockchain.
In addition to the falling volume in Bitcoin options, positions in Ethereum futures are data that should be considered by traders who closely follow the derivatives market. While options are a widely used tool, retail traders and investors prefer futures in cryptocurrencies over spot assets.
The seven-day moving average of trading volume on BTC futures has reached its lowest level since December 2020, suggesting that traders are either not interested or unsure which direction the first cryptocurrency will move in the foreseeable future.
At press time, Ethereum mostly mimics Bitcoin’s price performance, but exhibits more volatility. The price of the second-largest cryptocurrency before the merger remains at the $1,890 price level, while Bitcoin is struggling at $23,850.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.