Ethereum [ETH] tosses Bitcoin [BTC] to take top spot in this area

ambcrypto.com:

As the Ethereum [ETH] Merge approaches, the altcoin king seems to be prepared to grab every support it can get. Again, ETH has taken it one step further by flipping Bitcoin [BTC].

Of course, it’s not in terms of coin price or market capitalization. Arcane Research however, let the cat out of the bag. For the first time, ETH surpassed BTC in open interest on option trading.

The open interest in #ETH options has reached a new all-time high, overtaking the #BTC options open interest for the first time in history. pic.twitter.com/X7FHoGCiDC

— Arcane Research (@ArcaneResearch) August 17, 2022

Before now, no other cryptocurrency had come close in that regard. According to the details, ETH seems to be in blossom stage as its trading volume in options open interest has skyrocketed.

The blockchain research firm noted that ETH options open interest was $8.2 billion compared to BTC’s $5.4 billion.

The report by Arcane Research, also confirmed by Glassnode showed that there has been low trading activity in BTC options. Also, funding rates and future premiums have significantly declined.

On the other hand, ETH has thrived in these aspects. At press time, the perpetual funding rate of ETH was at an average of 0.005%.

The current value represented a slight drop from its value on all exchanges on 13 August when the ETH price was $1,981.86.

Source: Glassnode

Additionally, ETH remained at a food spot with its Futures Estimated Leverage Ratio. Despite the fact that it was as high as 0.233 on 14 August, it stayed within the same zone at 0.222 at the time of this writing.

Source: Glassnode

So can ETH sustain its momentum over BTC in the futures