Ethereum derivatives have mixed performance against Bitcoin: Bybit
Release: 2024/12/12 23:14 Reading: 595
Block Scholes Releases Derivatives Market Report: Mixed Signals for Ethereum and Bitcoin
Block Scholes, an analytics firm, has released a derivatives market report indicating contrasting indicators for Ethereum (ETH) and Bitcoin (BTC).
Ethereum Position Liquidations Dampen Perpetual Open Interest
The report highlights a decrease in ETH perpetual open interest attributed to the liquidation of overleveraged long positions. These positions, accumulated during a bullish sentiment, were reset with ETH spot price declines.
ETH Futures Contracts Show Resilient Open Interest
Despite the perpetual swap contract decline, ETH futures contracts have maintained their open interest during a brief pause in price momentum. However, positioning has increased for both BTC and ETH.
Recent Contract Expirations Impact Open Position Size
Open positions have yet to recover from the expiration of approximately $20 million in contracts in November 2024. This indicates a lack of return by traders who held expiring contracts. BTC perpetual positions have remained stable despite a recent price pullback.
Perpetual Swaps and Market Activity
Perpetual swaps provide traders with speculation options without asset ownership. However, unfavorable price movements lead to leveraged trader liquidations, reducing market activity.
ETH Outperforms BTC in Options Activity
Ethereum continues to exceed Bitcoin in options open interest, particularly with the approach of end-of-year expirations. Trading volumes have declined, reflecting market caution.
Volatility Differences in Term Structures
ETH's options term structure exhibits higher realized volatility compared to future expectations. This suggests differing sentiment from BTC, which displays a flatter term structure.
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