Open interest of ether options has been spiking over the past month, reaching a new all-time high.
The spike is happening as Ether has recovered 15% over the past week.
Open interest of ether options has hit a fresh all-time high.
Per The Block’s data dashboard, August 12 saw open interest hit $8.11 billion—a figure that’s nearly three times higher than where it stood a month ago.
The surge in open interest of ether options appears to be tied to the emergence of new, more complex strategies, among traders positioning themselves ahead of Ethereum’s transition from proof-of-work to proof-of-stake, according to hedge fund LedgerPrime. That transition is expected to finalize next month.
Meanwhile, open interest of bitcoin options has been slumping for months, currently sitting around $5.5 billion.
Ether itself is up over 16% on the week amid a broad rally in cryptocurrencies. Open interest of ether futures is also on the rise, approaching levels not seen since early April and topping $9.15 billion.