Ethereum’s Record-Breaking Options Volume
Ethereum (ETH) has maintained its position as the leading altcoin in the cryptocurrency market, with significant developments influencing its price. In January, Ethereum’s options trading volume reached an all-time high (ATH), signaling a potential impact on its market price.
According to The Block’s data dashboard, the options trading volume for Ethereum has hit $17.9 billion, despite the month not being over yet. This figure surpasses the previous year’s volume of $17.7 billion, indicating a 2% increase.
The put-call ratio of Ethereum, which measures market sentiment, suggests optimism for a price increase. On January 26, a majority of the 932,000 Ethereum option contracts expiring were leaning towards a bullish outcome.
ETH Futures and Market Implications
In contrast to the options market, the futures market for ETH may present a different sentiment. The open interest in Ethereum’s futures has decreased by 11% from January 17 to the present, dropping from $8.7 billion to $7 billion, as per Coinglass data.
A decline in open interest could lead to reduced transaction volume and price volatility, potentially diminishing investor interest in ETH futures. Meanwhile, Ethereum’s price has seen a marginal decrease of 0.13% in the last 24 hours, and the RSI value stands at 54.41, suggesting that buyers are still showing strength in the market.