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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Options Surpass Bitcoin Ahead Of Upcoming Merge

Best Owie
Best Owie
2 years ago
3 mins read
Ethereum

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Ethereum has been outperforming bitcoin for a while now. The altcoin had managed to grow so rapidly that it is now about half the market cap of bitcoin despite being more than 5 years younger. This outperformance had continued through the bull market and now even into the bear market. Ethereum has taken one step further to overtake bitcoin in yet another metric, and that is the amount of open interest in the asset.

Open Interest Flips Bitcoin

New data from Glassnode has shown an interesting development when it comes to the open interest in both Bitcoin and Ethereum options. Bitcoin had naturally dominated this metric due to not only being the first cryptocurrency in the market but also the digital asset with the most interest from investors, both retail and institutional investors.

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Ethereum had quickly surpassed bitcoin in this regard as its open interest had surged to $5.6 billion across all Put and Call options, accounting for more than a 47% increase in the last month. ETH’s popularity during this time and price recovery has obviously helped in its domination.

Bitcoin, on the other hand, continues to trend around normal levels with $4.3 billion in open interest. This puts Ethereum ahead more than 30. With also more than $2.6 billion in Call options and a Put/Call Ratio of 0.26, Ethereum investors are showing their hand and it is very bullish.

Ethereum Merge Drives Interest

The major culprit behind the recovery in the price of ETH had been the upcoming Merge. After a stretch of uncertainty regarding whether the upgrade would happen or would be postponed yet again, Ethereum developers had moved forward to provide an estimated date for the Merge.

Ethereum price chart from TradingView.com

ETH price falls below $1,600 | Source: ETHUSD on TradingView.com

With the September 19th date announced, investors had begun to ramp up their holdings ahead of the Merge. With the new month, the Merge draws closer, and positive sentiment around the digital asset has grown. Given that it is arguably one of the biggest updates in the history of crypto, the positive sentiment from investors is understandable.

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The Merge is also behind the growth of Ethereum’s open interest. The bullish sentiment is in response to the upgrade finally happening next month. However, it is important to note that the Merge would see all staked ETH become free to withdraw. This will lead to an influx of ETH supply into the market, likely tanking the price. By that point, it’ll not be important how bullish the sentiment is but if there is enough demand to soak up this new supply.

This raises the question of whether this would be another “buy the rumor, sell the news” event. One thing is for sure, if it goes the way of Cardano with the Alonzo hard fork, ETH users should brace for a stretch of bear market prices. 

Featured image from Coingape, chart from TradingView.com

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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