Institutional investor demand for Ether (ETH) has skyrocketed this year. This is evidenced by the growing open interest in products targeted at the largest altcoin.
Open interest in Ethereum options hit a new high this week. This figure rose to $ 3.57 billion.
The first place is occupied by the Deribit exchange, interest in options on ETH on it reached $ 3.39 billion.
Since January 2021, open interest in this product has increased by 393%. At the beginning of the year, it was only $ 755 million.
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On April 23, 101,300 options contracts on ETH for a total amount of up to $ 250 million expire. Their exercise price is fixed at $ 2,450.
Bullish sentiment in the derivatives market eased significantly by the end of this week. Most of the players switched to risk hedging tactics ahead of the next expiration.
On Sunday, April 18, the ether fell to $ 2274. The coin fell to $ 2044 this morning but was able to recoup quickly.
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Note that in the first half of the week, the price of ETH soared to $ 2538. Analysts expected the $ 3000 mark to be taken soon. However, the second half of the week was unsuccessful for the market.