Ether options trading volume surpassed that of bitcoin's for the first time on Deribit
May 4, 2021, 4:50AM EDT
1 min read
Crypto derivatives exchange Deribit experienced an unusual trend for the first time ever on Monday: Its ether (ETH) options trading volume surpassed that of bitcoin's (BTC's).
While the total trading volume for bitcoin options was $879.5 million on Monday, ether's was $1.32 billion, which is 50% more. Options are derivatives contracts that give their holders the right to buy or sell an underlying asset at a stated price within a specified period.
Deribit said it has no opinion on the flip of the trade. But the likely reason is that ETH has significantly outperformed BTC in price over the past several months.
ETH's price has gained over 1,400% over the past year, while bitcoin's has gained about 550%.
On a monthly basis, however, BTC options' trading volume on Deribit is four times higher than ETH's. In April, the exchange saw around $33 billion in BTC options trading volume, while around $8 billion in ETH options. Deribit is the largest bitcoin options exchange, having a market share of over 85%, according to The Block's Data Dashboard.
Bitcoin is currently trading at around $56,000, and ETH is priced at about $3,325, a new all-time high.
Earlier this month, Pinata, the NFT media company known across the industry as a prominent leader in NFT storage and management, announced the release of their newest product feature dubbed ‘Submarining.’
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.
While many considered highly-priced NFTs such as Bored Apes Yacht Club (BAYC) could be sound investments with decent returns, the lack of a proper pricing mechanism for NFTs could hamper the long-term development of the space. The absence of reference pricing may be a barrier to entry for investors.