Crypto derivatives exchange Deribit experienced an unusual trend for the first time ever on Monday: Its ether (ETH) options trading volume surpassed that of bitcoin's (BTC's).
While the total trading volume for bitcoin options was $879.5 million on Monday, ether's was $1.32 billion, which is 50% more. Options are derivatives contracts that give their holders the right to buy or sell an underlying asset at a stated price within a specified period.
Deribit said it has no opinion on the flip of the trade. But the likely reason is that ETH has significantly outperformed BTC in price over the past several months.
ETH's price has gained over 1,400% over the past year, while bitcoin's has gained about 550%.
On a monthly basis, however, BTC options' trading volume on Deribit is four times higher than ETH's. In April, the exchange saw around $33 billion in BTC options trading volume, while around $8 billion in ETH options. Deribit is the largest bitcoin options exchange, having a market share of over 85%, according to The Block's Data Dashboard.