The open interest in ether options reached a new all-time high last month.
According to The Block’s data dashboard, open interest on August 12 reached $8.11 billion, almost three times greater than a month earlier.
According to hedge firm LedgerPrime, the increase in open interest in ether options seems to be related to introducing new, more complicated methods among traders positioning themselves ahead of Ethereum’s move from proof-of-work to proof-of-stake. This shift is anticipated to be completed next month.
In a Telegram message to counterparties, LedgerPrime said, “The Long Call Butterfly, which was the most often traded structure for ETH over the last month, has fallen to second place this week, with the Bull Call Spread claiming the lead with a volume of 160K.”
Meanwhile, open interest in bitcoin options has been declining over the last several months and is at about $5.5 billion.
Ether alone is up more than 16% for the week amid a broad cryptocurrency surge. Open interest in ether futures is also on the upswing, surpassing $9.15 billion and reaching levels not seen since early April.