Ether Options Trading Volume Reaches Record High
Ether options trading volume on major cryptocurrency derivatives exchanges has reached an all-time high, with the total trading volume for ether options surging to nearly $20 billion in January, according to The Block’s Data Dashboard. The majority of this trading volume, around $15 billion, comes from activity on the Deribit derivatives exchange.
Significant Number of Call Options at $2,500
Data from Deribit shows that the majority of outstanding ether options contracts are for calls at a strike price of $2,500, set to expire on Friday, Feb. 23. There are over 74,548 contracts outstanding for calls at this strike price, with a notional value of around $172 million. This indicates that many traders are anticipating an increase in the price of ether above $2,500 by the expiration date.
Rise in Ethereum Transaction Volume
The Ethereum blockchain has experienced a significant increase in transaction volume during January. Transaction volume has surged to $102.9 billion for the month, representing a 5% rise in economic throughput compared to December’s volume. This level of transaction activity is much higher than levels seen in previous years, such as September 2023 when transaction volume hit a low of $49.12 billion.
Hot Take: Ether Price Falls Despite High Options Trading Volume
The price of ether has fallen by almost 1% in the past 24 hours to trade at $2,294, despite the high options trading volume and the presence of a significant number of call options at $2,500. Traders were anticipating an increase in the price above $2,500 by the expiration date on the last Friday of February. However, market conditions have not aligned with these expectations.
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