The value of Ethereum’s option holdings continued to surge and hit a record high. CME Ethereum futures positions have surged from US$161 million in early April to the current US$357 million, an increase of 121%.
Written by: Karen
Weekly market dynamics
Today, Bitcoin options worth more than $4.1 billion and Ethereum options worth $1 billion expire.
Futures market
Overview of extreme market liquidation
Within two hours starting at 4 o’clock on April 26, Bitcoin fell by more than US$2,500 to US$47,000 and then rebounded. During this period, the entire network liquidated US$430 million, of which Bitcoin liquidated US$250 million.
Futures liquidation statistics on BitMEX, Binance, Bybit, Huobi, MXC, OKEx, source: Coin
Trading volume and open positions
The statistical scope of Bitcoin futures includes BitMEX, Binance, Bitfinex, Bakkt, Bybit, CME, Deribit, FTX, Huobi and OKEx. The statistical scope of Ethereum futures includes BitMEX, Binance, Bitfinex, Bybit, CME, Deribit, FTX, Huobi and OKEx.
In the past week (April 23-29), in the case of a slight rebound in Bitcoin’s volatility, the popularity of futures trading has declined. The trading volume in the week has fallen by more than 22%, and the drop in open positions has decreased by less than 5% compared with a week ago. .
Bitcoin futures contract trading volume, source: Skew
Bitcoin futures open positions, source: Skew
The Ethereum futures market continues to be hot. With the volume nearly doubling last week, the volume has continued to be at a high level in the past week, with a month-on-month drop of less than 7%.
Ethereum futures contract trading volume, source: Skew
Open positions in Ethereum futures, source: Skew
It is worth noting that the value of Ethereum futures holdings is approaching the record high set in mid-April, an increase of about 8% from a week ago. Among them, CME’s Ethereum holdings have surged from US$161 million in early April to the current US$357 million, an increase of 121%. This shows that institutional investors are increasingly interested in Ethereum.
Option market
Trading volume and open positions
The scope of Bitcoin options statistics includes Binance, Bakkt, Bit.com, CME, Deribit, Huobi, LedgerX and OKEx. The scope of Ethereum options statistics is Bit.com, Deribit, Huobi and OKEx.
The weekly trading volume of Bitcoin options decreased by nearly 16% from the previous month to US$8 billion, and the open position was not much different from a week ago. As of April 29, it was US$13.55 billion.
Bitcoin options contract trading volume, source: Skew
Open positions in Bitcoin options, source: Skew
In contrast, with the price of Ethereum breaking through US$2,800, the interest in options trading continued to rise, increasing by more than 10% from the previous month, setting a new historical high again, reaching approximately US$4.5 billion as of yesterday.
Ethereum option contract trading volume, source: Skew
Open positions in Ethereum options, source: Skew
Volatility
The realized volatility of Bitcoin and Ethereum continued to rebound gradually from the bottom, reaching around 61% and 90% respectively as of yesterday.
From left to right are the realized volatility of Bitcoin one month and the implied volatility of Bitcoin one month ATM
From left to right are the one-month realized volatility of Ethereum and the one-month ATM implied volatility of Bitcoin
On the whole, Bitcoin futures and options trading heat and holding interest have not yet shown a significant downward trend, while the popularity and holding interest of Ethereum are near historical highs, but considering that the price of Ethereum has risen by about 30% this week It is still necessary to pay attention to the profitability of investors.
Option exercise and expiration
As of April 29, among the open positions of Bitcoin options, the number of open positions with an exercise price of US$50,000 was the most, with nearly 19,000 bitcoins and nearly 18,000 with an exercise price of US$60,000. Bitcoins. In addition, today, more than 750,000 bitcoins expired, worth more than 4.1 billion U.S. dollars.
Exercise and expiration of Ethereum options, source: Skew
In addition, today, nearly 370,000 Ethereum expires, worth more than 1 billion U.S. dollars. Among the options holdings, the open positions with an exercise price of $3,200 are the most, with more than 70,000 Ethereum.
Bitcoin option exercise and expiration, source: Skew
Exercise and expiration of Ethereum options, source: Skew
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