Home Ethereum BTC Pulls Back From Weekend High of $24,000, ETH Options Open Interest Surpasses BTC on Deribit

BTC Pulls Back From Weekend High of $24,000, ETH Options Open Interest Surpasses BTC on Deribit

BTC Pulls Back From Weekend High of $24,000, ETH Options Open Interest Surpasses BTC on Deribit
  • Price point: Bitcoin hit over $24,000 over the weekend, but has since fallen. The levels reached this weekend were the highest since mid-June.

  • Market movements: Ether continues to be the hot topic for investors ahead of the merger, with ETH open interest on options exchange Deribit exceeding Bitcoin open interest for the first time.

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price point

bitcoin (BTC) was down 2% the day after a weekend that saw the world’s largest cryptocurrency by market value hit its highest levels since mid-June.

BTC hit $24,593 on Sunday, according to data from CoinDesk.

Bitcoin price chart over the weekend.  (CoinDesk)

Bitcoin price chart over the weekend. (CoinDesk)

Ether (ETH), the world’s second-largest cryptocurrency by market value, fell 3% to $1,649 on Monday.

In traditional markets, US futures contracts soaked alongside the dollar and oil. Nasdaq and S&P 500 contracts were down on Monday after the major indexes ended July with their best month since 2020.

The rest of the crypto market was also down, with the exception of decentralized data storage network Filecoin’s FIL token, which was up 12% on the day.

In the news, the UK’s Financial Conduct Authority said in a policy document that investments in crypto assets should be capped, with consumers being warned that they could lose all their money.

Bank of America said in a report, the Ethereum blockchain must make scalability improvements in order to maintain its position in the market. The report states that Binance Smart Chain, Tron, Avalanche and Solana blockchains took market share from Ethereum due to their proof of stake consensus mechanisms, lower transaction fees and greater scalability.

Decentralized finance (Challenge) Platform by Aave the proposal to launch a native crypto-based stablecoin GHO passed over the weekend with 99% of votes in favor of the proposal, its governance page shows.

An interesting article I read over the weekend was Andres Angler’s article about two football teams transferring a South American player using USDC. The exchange was made by Bitso from Latin America, with a player from Argentina’s Banfield team in São Paulo, one of Brazil’s teams. Read the full story here.

CoinDesk research analyst George Kaloudis has written an in-depth article on the hot topic of cryptos as securities and its importance. you can read it here.

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Market movements

ETH Open Interest Surpasses BTC Open Interest on Deribit for the First Time

According to data from Glassnode, via Colin Wu, Deribit ether options open interest with a notional value of $5.6 billion exceeded BTC options open interest (about $4.3 billion) for the first time in history. Open interest is the total number of outstanding derivative contracts that have not been settled.

Open interest on BTC and ETH options (Glassnode)

Open interest on BTC and ETH options (Glassnode)

Currently, ether options are mainly call optionswith a put/call ratio of 0.26. The call option period is mainly concentrated on contracts as of September 30 and December 30, with 1.2 billion and 1.8 billion respectively.

“The upcoming merger is a huge price driver right now,” said Charles Storry, head of growth at Phuture, a crypto index platform.

He said that around 40% of Ether’s price movement today is due to the merger, or Ethereum’s move from a proof-of-work protocol to a proof-of-stake protocol. The merger is expected to take place on September 19.

Head of Europe at Hashdex, Laurent Kssis, said he suspects many investors have already taken decent positions at cheaper ETH levels to account for the rally potential.

“It will all depend on the Ethereum merger in September,” Kssis said. “It’s an example of positional reinforcement.”

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