For the first time in the crypto options market, Ether (ETH) has proven to be a more popular asset compared to Bitcoin (BTC). On the largest exchange, Deribit, open interest in ETH options reached $5.7 billion. The number of open contracts for bitcoin was 32% less - $4.3 billion.
Traders are betting on the growth of ether, believing that after the September update of the network, ETH emission will fall by 90%. As a result, the value of the asset will increase significantly as demand further strengthens.
As noted by Luuk Strayers, commercial director of Deribit, the ratio of Put / Call contracts (for the sale and purchase of an asset) has fallen to an annual minimum for Ethereum. This trend indicates the dominance of bullish sentiment in the camp of investors. The put/call ratio for bitcoin is 0.5 and for ether, it is 0.26. Judging by the data of the contracts, traders expect the altcoin to reach $3,000 in December 2022.
Trending: Smart Contracts Audits Startup Hexens Closed $4.2 M Seed Funding
In the spot market, ETH is also in high demand. The trading volume of this coin amounted to 33.9% of the total turnover of digital currencies last week.
Bitcoin and Ethereum are currently trading at $22,923 and $1,590 respectively. Leading digital currencies are correcting after the successful completion of July.