Notably, at press time, ETH’s Open Interest (OI) rate jumped 7% against BTC’s -0.18%. This underscores the massive demand for ETH on the Futures market.
Over the same period, the derivatives trading volume surged to $59 billion, about $3 billion more than BTC. If the trend continues, ETH could outperform BTC in the near term, in terms of investor returns.
That said, the market skew for end-quarter 3 (Q3) was bullish with a Put/Call Ratio of 0.44, underscoring a premium for calls (bullish bets) over puts (bearish bets).
Most of the bullish targets were at $2.8K and $3.2K with a max pain (potential floor price, where options contracts expire worthless) around $2K.
Overall, ETH could still be subdued below $3K in Q3, but options traders were still betting for a potential breakout.
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