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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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
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