Deribit Sees Surge in Bitcoin and Ethereum Option Interests

• Deribit sees significant growth in BTC and ETH options’ open interest.
• Notable increase in call options compared to puts in both BTC and ETH.
• Volume of 24-hour trades shows bullish sentiment persists among traders.

Recent data highlights the rising interest in Bitcoin and Ethereum options on the Deribit platform. This might signal increased speculative activities as well as hedging strategies by investors.

Bitcoin Option Open Interests and Volumes

The latest figures show that the Deribit BTC-29SEP23-35000-C option contract leads the open interest rank with 6,273.3 BTC. Following closely behind is the Deribit BTC-29SEP23-33000-C with an open interest of 5,339.5 BTC. Additionally, the volume rank for the past 24 hours is dominated by the Deribit BTC-24NOV23-28000-C, recording a volume of 208.6 BTC. This data suggests that traders are actively speculating on Bitcoin’s future price with a mix of both bullish and bearish sentiments.

Ethereum Option Open Interests and Volumes

When it comes to Ethereum, the Deribit ETH-27OCT23-1700-C takes the top spot in open interest with 154,185 ETH. The Deribit ETH-29DEC23-1900-C is not far behind, recording an open interest of 101,600 ETH. In terms of 24-hour volume, the Bybit ETH-26SEP23-1600-P leads with a trading volume of 2,166.8 ETH, suggesting that Ethereum options are also attracting considerable attention from traders.

Call vs. Put – An Insight into Market Sentiment

The ratio of call to put options provides insight into the overall market sentiment. For Bitcoin, calls represent 66.67% of the open interest compared to 33.33% for puts. This means that a majority of traders expect the price of Bitcoin to rise. The 24-hour volume data also supports this bullish sentiment with 60.62% calls to 39.38% puts. Similarly, in Ethereum’s case, calls make up a whopping 72.96% of the open interest compared to 27.04% for puts, and 59.65% of the 24-hour volume is calls compared to 40.35% puts. This further solidifies the bullish sentiment among traders.

Implications for the Crypto Market

The rise in options trading volume and open interest on Deribit suggests that more traders are using these financial instruments to speculate on future price movements or hedge against potential risks. The dominance of call options over puts indicates a prevailing bullish sentiment in the market, especially for Bitcoin and Ethereum. However, traders should be cautious, as options trading carries its own set of risks and complexities.

Conclusion

The crypto market is witnessing a surge in options trading, with Deribit leading the charge for Bitcoin and Ethereum options. The data indicates a bullish sentiment, but as with all forms of trading, caution and research are essential. Whether this bullish sentiment will lead to a positive price movement in the underlying assets remains to be seen. Nevertheless, the increasing interest in crypto options is a testament to the growing maturity and sophistication of the crypto market.