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Ethereum

Ethereum Options Market Heats Up With Unprecedented Open Interest Levels

Godspower Owie
by Godspower Owie
2 weeks ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In the past few weeks, Ethereum, the second-largest cryptocurrency asset, has been on an upward trend, with an over 44% monthly increase, outperforming several major digital assets, including Bitcoin. ETH’s ongoing upside performance is not only observed in its price, but also in multiple crucial on-chain metrics such as the Options Open Interest.

A Record-Breaking Ethereum Options Interest

Ethereum continues to hold strong above the key $4,000 price mark following a notable upward trend. Meanwhile, its derivatives market is also heating up as ETH’s Options Open Interest (OI) witnesses a sharp growth.

Related Reading: Ethereum Derivatives Heat Up: Open Interest Spikes $1.9B

Glassnode, a leading financial and on-chain data analytics platform, shared a recent report, revealing that Ethereum’s options open interest has surged to new levels. Such a massive growth in open interest signals heightened activity and anticipation among investors and traders.

Presently, the metric has climbed to a whopping $13.75 billion, marking its highest year-to-date (YTD) level. According to the on-chain platform, the $13.75 billion open interest is just shy of its all-time high of $14.6 billion, achieved in March 2024.

This milestone shows significant speculation and strategic positioning regarding ETH’s price trajectory, with market participants increasingly employing options to hedge risk or capitalize on possible volatility. It also demonstrates how Ethereum is developing as a speculative asset and a fundamental component of the larger cryptocurrency market.

Ethereum
ETH options market on the rise | Source: Glassnode on X

Following Monday’s upward performance, ETH’s profit realization metric has also experienced a sharp increase. Data shared by Glassnode shows that daily realized profit came close to its previous peak. 

It is worth noting that ETH profit realization (7D SMA) reached a peak of $771 million/day in July, above December 2024 levels. Meanwhile, during the post, ETH has realized profits of approximately $553 million/day.

Glassnode highlighted that profits from long-term ETH holders are comparable to December 2024 levels. However, short-term ETH investors are reaping more significant gains than long-term holders and are currently driving the ongoing bullish wave.

ETH Odds Of Reaching A New Peak Increase

With Ethereum’s positive activity on multiple key metrics, the leading altcoin could be poised for a major leap in the short term. Several crypto analysts are anticipating a rally to a new all-time high before the current bull market cycle comes to an end.

Related Reading: Are Ethereum Treasury Companies A Threat To Bitcoin? Michael Saylor Reveals His Stance

However, ETH might reach a new peak much sooner than the predictions by most analysts. PolyMarket, a leading prediction platform, reveals that Ethereum has a 57% chance of hitting a new all-time high before October this year. 

This forecast is likely to be fueled by strong on-chain activity and rising institutional interest in the altcoin. Large organizations continue to acquire ETH at a rapid scale, with Bitmine Immersion leading the charge. Bitmine Immersion now holds 1.2 million ETH after its latest buy of 317,126 ETH, becoming the first-ever company to own such a massive quantity in strategic reserve.

Ethereum
ETH trading at $4,313 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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