Ethereum Options Market Heats Up With Unprecedented Open Interest Levels

In the past few weeks, Ethereum , the second-largest cryptocurrency asset, has been on an upward trend, with an over 44% monthly increase, outperforming several major digital assets, including Bitcoin. ETH’s ongoing upside performance is not only observed in its price, but also in multiple crucial on-chain metrics such as the Options Open Interest. A Record-Breaking Ethereum Options Interest Ethereum continues to hold strong above the key $4,000 price mark following a notable upward trend. Meanwhile, its derivatives market is also heating up as ETH’s Options Open Interest (OI) witnesses a sharp growth. Glassnode, a leading financial and on-chain data analytics platform, shared a recent report , revealing that Ethereum’s options open interest has surged to new levels. Such a massive growth in open interest signals heightened activity and anticipation among investors and traders. Presently, the metric has climbed to a whopping $13.75 billion, marking its highest year-to-date (YTD) level. According to the on-chain platform, the $13.75 billion open interest is just shy of its all-time high of $14.6 billion, achieved in March 2024. This milestone shows significant speculation and strategic positioning regarding ETH’s price trajectory , with market participants increasingly employing options to hedge risk or capitalize on possible volatility. It also demonstrates how Ethereum is developing as a speculative asset and a fundamental component of the larger cryptocurrency market. Following Monday’s upward performance, ETH’s profit realization metric has also experienced a sharp increase. Data shared by Glassnode shows that daily realized profit came close to its previous peak. It is worth noting that ETH profit realization (7D SMA) reached a peak of $771 million/day in July, above December 2024 levels. Meanwhile, during the post, ETH has realized profits of approximately $553 million/day. Glassnode highlighted that profits from long-term ETH holders are comparable to December 2024 levels. However, short-term ETH investors are reaping more significant gains than long-term holders and are currently driving the ongoing bullish wave. ETH Odds Of Reaching A New Peak Increase With Ethereum’s positive activity on multiple key metrics , the leading altcoin could be poised for a major leap in the short term. Several crypto analysts are anticipating a rally to a new all-time high before the current bull market cycle comes to an end. However, ETH might reach a new peak much sooner than the predictions by most analysts. PolyMarket, a leading prediction platform, reveals that Ethereum has a 57% chance of hitting a new all-time high before October this year. This forecast is likely to be fueled by strong on-chain activity and rising institutional interest in the altcoin. Large organizations continue to acquire ETH at a rapid scale, with Bitmine Immersion leading the charge. Bitmine Immersion now holds 1.2 million ETH after its latest buy of 317,126 ETH, becoming the first-ever company to own such a massive quantity in strategic reserve.

Source: Bitcoinist