Ether options trading volume across major cryptocurrency derivatives exchanges has hit an all-time high, according to The Block's Data Dashboard.

The metrics from crypto derivatives exchanges indicate that the total trading volume for ether options has surged to nearly $20 billion in January, and there is still one day remaining in the month. Around $15 billion of this trading volume comes from activity on the Deribit derivatives exchange. 

Data from Deribit show that the majority of ether options contracts outstanding are for calls at a strike price of $2,500, set to expire on Friday, Feb. 23. According to Deribit data, there are over 74,548 contracts outstanding for calls at the strike price of $2,500, with a notional value of around $172 million.

In options trading, a call option gives the holder the right, but not the obligation, to buy the underlying asset at a specified price before or on the expiration date.

The majority of ether options outstanding are for calls at a strike price of $2,500. Image: Deribit.

The presence of a significant number of call options at $2,500 indicates that a substantial portion of traders are anticipating an increase in the price of ether above $2,500 by the expiration date on the last Friday of February. However, the price of ether has fallen by almost 1% in the past 24 hours to trade at $2,294, according to The Block's Price Page.

The price of ether has fallen by almost 1% in the past 24 hours. Image: The Block.

Ethereum transaction volume hits multi-month high

There has been a significant increase in transaction volume on the Ethereum blockchain during the month of January, according to The Block's Data Dashboard.

Transaction volume on the Ethereum ETH -1.74% blockchain has surged to $102.9 billion for the month of January, with still one day remaining in the month. The gains represent a 5% rise in economic throughput on the network from December's volume of $97.82 billion.

The rise in transaction activity on the blockchain is significantly above levels seen in 2023 and in the later part of 2022. For instance, in September 2023, Ethereum network transaction volume hit a low of $49.12 billion.