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Saturday, September 25, 2021

Ethereum Clinches Huge Chunk Of Deribit’s $98B Monthly Notional Turnover

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Derivatives platform, Deribit’s latest report shows how Ethereum [ETH] has been outpacing Bitcoin [BTC] this bull season.

In the beginning, Ethereum took time to rally beyond significant resistance points, however, upon catching up, the crypto-asset broke several records not just in the spot market, but also in the derivatives realm.

In the latest development, the trading volume of Ether options has exceeded that of Bitcoin’s for the first time ever on the popular derivatives platform, Deribit. In its most recent newsletter, the platform revealed hitting a new ATH of a whopping $98 billion monthly notional turnover, a major chunk of which $23.8 billion on ETH.


Ethereum’s Trading Activity Intensifies On Deribit

According to the document, the derivatives market has witnessed the potential of the altcoin with a new record of $1.4 billion ETH options notional turnover traded on the 3rd of May as it surpassed not only BTC options but also BTC futures.

In addition, the open interest [OI] on ETH options contracts has also soared to a new height of $5 billion or 33% of the total open interest on all options contracts on Deribit.


In terms of monthly turnover, the exchange also mentioned that 3,416,558 ETH options contracts were traded in April 2021, and the figure was up by 47% versus March 2021. On the other hand, Deribit traded 586,460 BTC options contracts during the same time frame, and this figure surged by more than 8% versus the previous month.


The report specified,

“In April, 24% of all the notional volume traded on Deribit was on ETH instruments – a total of USD 23.8 billion, making it a new ETH record month on Deribit. As ETH continues to challenge the BTC dominance, the market expects crypto institutional demand to become more diversified, and the ETH options market to catch up with BTC.”

Moreover, the trading volume of Ethereum options that was registered on the four-largest derivative exchanges namely – Deribit, OKEx, Huobi, as well as bit.com, was found to be 50% more than that of Bitcoin in the starting of the week.

Figure for Ether options was found to be $1.32 billion as opposed to the trading volume of Bitcoin which steadied around $879 million.

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