In a surprising development, the famous digital assets derivatives platform, Deribit, recorded an extraordinary trend for the first time on Monday as its Ethereum trading volume soared more than that of the world’s famous crypto-token, Bitcoin.
On Monday, the trading volume for Ethereum options stood at $1.32 billion, while the BTC’s stood at $879.5 million. A cryptocurrency option is a derivative contract that allows the holder to buy or sell the assets at a given price in a specified time.
In response to the unusual activity, the company said that it has no comments on the flip of the trade. But experts suggest that the likely reason behind it might be the outstanding performance of Ethereum over the last couple of months.
Since 2020, Ethereum’s price has risen more than fourteen hundred percent, while BTC only 550 percent. However, the monthly trading volume of BTC remains significantly higher than that of ETH. last month, Deribit recorded as much as $33 billion of trade, while around $8 billion Ethereum. Plus, it comes as ETH surged to its all-time high.