Open positions in Ethereum options have reached $ 114 million as of today on Deribit. This record comes with the expectation of Ethereum 2.0.
Ethereum option contracts are now more popular than ever before. This interest probably stems from Ethereum 2.0, which is expected to be released in the short term.
According to Skew, which provides data on cryptocurrencies, Ethereum option contracts reached their all-time high with an open position size of over $ 114 million on derivative exchange Deribit.
This increase in options is a result of the potential impact that Ethereum 2.0 version is expected to have on prices, which is expected to be released in a few months. A successful transition to Ethereum 2.0 can have an upward effect on the market value and prices of the largest cryptocurrency. Otherwise, it can lead to a sharp drop in price. It is stated that with Ethereum 2.0, the number of transactions that can reach up to 15 per second at most on the platform can reach 2000s.
Options give the buyer the right to buy or sell the underlying asset at a specific price on a specific date or earlier. Open position refers to the number of option contracts that have been traded and not yet liquidated.
Most of the option contracts in Deribit exchange, which have been operating since 2016, are cash settled. This means that when the contract expires, no ETH changed hands, but only the market price of ETH was used instead.
As the expected day in Ethereum is getting closer, the price of crypto money has been performing significantly better than Bitcoin since the beginning of the year. Bitcoin has increased 30 percent since the first days of 2020, while the increase in ETH was 80 percent. Ether is bought and sold at $ 235 when the news goes live.