The $930 million open interest in the Ethereum options market expires on April 30. The bulls are currently leading at $115M. Can ETH make new ATH value here?
Ethereum options bulls ahead
The last few weeks have been bumpy for Ethereum (ETH) it happened. ETH price has fluctuated between $2,000 and a record $2,650 during this time.. During the 20 percent crash on April 17, $1 billion worth of long-term contracts were liquidated.. As a result, the risk appetite of investors also dropped sharply.
Ether (ETH) – USD price on Coinbase Source: TradingView
However, as the chart above shows, the 28 percent increase in the last few days caused the value of open interest in Ethereum futures to increase to $ 8.2 billion.. That’s just 5% less than the April 15 record.. A similar situation exists in the options market.. It has grown by 45 percent since the March 25 expiry.
The recent recovery in ETH is stated to be related to the statement of the CEO of Paypal.. The CEO said that the demand for cryptocurrencies is several times higher than expected. Moreover, the net locked value in Ethereum smart contracts set a record $54.2 billion, with Uniswap, Compound and Maker leading the way.
Value of net assets locked on Ethereum network Source: DeBank.com
Total locked values (TVL) increased by 154 percent, while fee per transaction on the network hovered above $8. The result was more speculation and competition.. Meanwhile, Binance Smart Chain TVL also reached $17 billion. The increase in decentralized finance also seems to have the power to support both.
Related – Surprise support blew Ethereum!
Open interest increased but 22 percent expired
Ethereum options open interest is currently at an all-time high at $4.2 billion. However, $930 million of this expires on April 30.. As always, the Deribit exchange excels with a 90 percent market share.
April 30 Ethereum options on Deribit Source: Laevitas.ch
A peculiar pattern emerged as bears were taken by surprise, with 91 percent of put options opened at $2,400 or less. Meanwhile, the bulls were overly optimistic, with almost half the options at $2,880 and above.
Bulls lead at $115M
A close above $2,240 will favor the bulls. The bulls are currently leading by $115M in open interest.
Still, the April 30 expiration is unlikely to surprise ETH price.
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