Deribit Lists Ether at 50k Strike Options with March 2022 Expiry


Ether is enjoying an explosive rally, up more than 460% YTD.

Surpassing $4,000, ETH price has hit another all-time high at $4,175 and 0.7150 BTC on Coinbase. ETH has recorded an uptrend of more than 100% in less than 20 days.

Ether has been hitting new highs every day, going high and higher, finally catching up with Bitcoin. Now, the latest ETH ATH is up 194% from the 2017 peak of $1,420.

While the predictions for ETH price in this cycle go from $10k to $40k, Deribit is now allowing traders to bet if ETH price will reach $50,000 by March 2022.

On Monday, the derivatives platform introduced the 50k strike in the March 2022 expiry — the highest strike in the history of ETH.

“Ethereum 50k strike March 2022 expiration already up 24% since listing today. Not for nothing, that's a nice amount of volume, and if using delta as the crude measure of the probability of expiring ITM… Probably 5-11%?” noted trader Cantering Clark.

This makes sense given that all the eyes and money seem to be on Ethereum for the last few days. While Bitcoin has been consolidating, Ether has been pumping.

The same is the case for volume; on CME, the volume on Bitcoin futures had gone down from $4 billion on April 22nd to now $2 billion. Meanwhile, on Ether futures, it has constantly been increasing, from $113 million on April 12 to $1 billion on May 4th.

While the ETH term structure is in backwardation, the spot price of an underlying asset is higher than in the futures market, BTC term structure is in contango.

Deribit also notes that ETH options flow now dominate BTC and “not just fast money,” as seen with immediate buy traction on ETH Mar22 50k call. “Few reducing upside.”

“Regarding the Mar22 50k Calls, the motive is not as clear-cut as first impressions. Volume 12k, was majority bought by what appears to be a roll from Dec+Mar 25k strikes. Simplistically, this might just be a bullish spot play. But also could be a technical Option greek play,” it noted.

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