Key Metrics Suggest Ether Gaining Traction Over Bitcoin Among Traders
Portfolio Pulse from Benzinga Neuro
Traders are showing increased interest in Ether (CRYPTO: ETH) over Bitcoin (CRYPTO: BTC), as indicated by derivatives market metrics. Ether futures on the Chicago Mercantile Exchange (CME) have seen a 30% increase in dollar value locked, reaching $711 million, surpassing Bitcoin's 19% growth. Ether futures are trading at a 5% higher premium than Bitcoin, and there's a stronger preference for Ether calls over Bitcoin puts in the options market. This shift occurs despite institutional investors' previous preference for Bitcoin, with 50% of their asset portfolios allocated to Bitcoin in September.
December 06, 2023 | 10:57 am
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POSITIVE IMPACT
Ether is gaining traction in the derivatives market, with a significant increase in the dollar value locked in futures and a stronger call bias in the options market.
The reported increase in the dollar value locked in Ether futures and the preference for Ether calls over Bitcoin puts indicate a positive short-term outlook for Ether's price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Bitcoin's growth in the derivatives market is being outpaced by Ether, with a lesser preference for Bitcoin puts in the options market.
The article suggests a shift in trader sentiment from Bitcoin to Ether, which could lead to a short-term negative impact on Bitcoin's price as traders may allocate more funds to Ether.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80