The volume of open interest in Ethereum call options reaches $3.6 billion amid attempts by ETH price to break through the $4000 barrier.
September 6, 2021, | AtoZ Markets – The interest of cryptocurrency traders in ether (ETH) is rapidly gaining momentum. This is evidenced by the data of the ByBt resource.
For example, the total open interest in ETH options exceeded the $ 5.3 billion mark. This is only 28.3% below the all-time high reached on May 12 ($7.4 billion). Recall that then the price of ETH in the ETH/USD pair reached a maximum of $4385 (BitMEX).
At the same time, the volume of open interest in call options on ETH reached $3.6 billion. The volume of put options amounted to $1.7 billion.
A call option is a contract that allows you to buy an asset at a specific price or before a specific date. A put option allows you to sell an asset at a specific price or before a specific date.
Such a large volume of call options may signal an extremely bullish sentiment among market participants. The enthusiasm of traders was also noticed in the OKEx cryptocurrency exchange. They note that over the past 24 hours, about 57% of call options were initiated by the same traders who expected Bitcoin to cross the $50,000 threshold at the beginning of the month.
Read also: The Price of ETH Could Reach $20,000 – Raoul Pal
ETH rates are growing amid attempts by the second-largest cryptocurrency to overcome the $4000 threshold. In early September, the cryptocurrency had already managed to gain a foothold at $4028 for a short time, but later the ETH rate still rolled back. At the time of this writing, the price of ETH is $3953. The market capitalization of the asset has grown to $462 billion.
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