29, 2024, Dubai, United Arab Emirates (PRNewswire) In the most recent weekly derivatives analytics report, Bybit, the second-largest cryptocurrency exchange in the world based on trade volume, partnered with Blocks Scholes to unearth indications that showed ETH had surpassed BTC during the previous week. By bit x Block Scholes Derivatives Report: ETH Outperforms BTC
Fueled by news of current U.S. SEC Chair Gary Gensler’s departure at the end of the Biden administration’s term, ETH’s performance has positively surprised investors. In particular, open interest in ETH perpetual has been on the rise. Several large-cap altcoins also benefited from Gensler’s announcement, anticipating less scrutiny in January.
ETH and BTC in open interest:
ETH surpassed BTC in terms of open interest. Perpetual swap data shows that BTC open interest has gradually declined while ETH contracts have surged. ETH has also increased its proportion of daily trading volumes over the last six months. The conFidence could be related to investors’ expectations of a more crypto-friendly SEC Chair following Gensler departure on January 20, 2025
Bitcoin’s price is declining:
As the BTC price falls below $100K, the ATM volatility term structure flattens, with short-term options falling below 60%. This is consistent with a pattern Observed since the U.S. election. Lower realized volatility explains the dip, and while open interest in calls and puts stays steady, the demand for short-term options this week has stagnated.BTC 2024 104000$ us dollars
ETH options: bullish sentiment in moderation:
Compared to BTC options, ETH options exhibit a somewhat higher bullish enthusiasm. After the post-election peak, markets have leveled out, but call options still account for most trade volumes and open interest.
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