According to Glassnode, Ethereum derivatives traders are making bets on the cryptocurrency in a clear direction, particularly in relation to the impending Merge scheduled for September 19th. For the first time, Ethereum options’ open interest at $6.6 billion is now higher than for Bitcoin at $4.8 billion.
While not yet at an all-time high, ETH options open interest is on the verge of doing so, while Bitcoin open interest is still well below the top at just 35% of the ATH.
Call options are much larger than put options, with traders betting on ETH prices above $2200 and a sizable open interest all the way out to $5000. However, as the maximum pain price is now approximately $1,350, the greatest amount of options would expire out of the money.
According to Glassnode, The volatility smile has shifted into an extremely bullish bias due to the significant buy-side demand for September expiry ETH call options.
On Monday, Bitcoin’s recovery continued as investors flocked to digital assets in the aftermath of positive US jobs statistics. The largest cryptocurrency by market value rose to trade beyond $24,000 while Ethereum likewise increased alongside. The robust payrolls print showed the US economy may avoid a severe landing even as the Federal Reserve tightens aggressively, and similar swings were witnessed in European markets and US share futures following that. This helped the cryptocurrency market in part.
Several altcoins were posting increases at press time. Flow (FLOW, +14.51%), Zcash (ZEC, +10.03%), The Graph (GRT,+13.23%), Kadena (KDA, +9.17%), DAO maker( DAO, +30.23%) were up significantly in the last 24 hours. The embattled Celsius Protocol’s token CEL was also demonstrating an increase of 16.26% in the last 24 hours.
Digital asset investment products received inflows of $3 million in the most recent week, marking the 6th consecutive week of inflows totaling $529 million, or 1.7 percent of all assets under management, according to a recent report from Coinshares.
Bitcoin had only modest outflows of $8.5 million While short-bitcoin investment products experienced a record outflow of $7.5 million for the second week in a row. This suggests that investors believe bitcoin prices have bottomed.
Ethereum received inflows totaling $16 million and has received inflows totaling $159 million for over 7 weeks in a row. According to the report, investment products for Cardano, XRP, and Solana all witnessed modest inflows.
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