Ethereum The ongoing updates to its blockchain continue to be interpreted by many analysts as significant enough to truly rival or even surpass Bitcoin. In addition to this comment from analysts, Ethereum managed to take over the interest in Bitcoin in the “options market” for the first time in history.
As of August 1, 2022, according to the data shared by the crypto analysis platform Glassnode, it has a value of $ 5.6 billion. Deribit Ethereum The open interest of Bitcoin options has managed to surpass the open interest of Bitcoin options, which is valued at $ 4.3 billion on all exchanges.
At the time of writing, Ethereum options were dominated by call options with a Put and Call ratio of 0.26. Data shows that the call options period concentrated at 1.2 billion and 1.8 billion on September 30 and December 30, respectively.
Under Deribit, the world’s leading crypto options exchange with trading volumes and open interest, an Ethereum options contract represents one ETH. In a put option, buyers have the right, but not the obligation, to sell the underlying asset at a predetermined price on or before a certain date. Generally, when a call options trader is bullish, buyers are indirectly biased.
Ethereum Increases Mobility Before The Merge
Etherum bitcoinHis leadership against . Most investors continue to speculate about the upgrade, which will in part lead to a reduction in ETH issuance and bring a store of value appeal to the asset.
The update in question will combine Ethereum’s existing Proof-of-Work (PoW) blockchain with a Proof-of-Stake (PoS) blockchain called the Beacon Chain. The transition is interpreted as a major bullish trigger for Ethereum.
Overall, investors and market experts seem to be betting on the future of Ethereum, especially with the ongoing hyperinflationary environment. It is worth noting that after the merger, Ethereum will likely become a deflationary currency.
However, it is unclear how long it will take for Ethereum to fill the effect of the Merge upgrade. Especially after such an event, it may take months for the effect to be seen in the market. As it will be remembered, Ethereum founder Vitalik Buterin also shared a similar comment.
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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.