Ethereum has been outperforming bitcoin for a while now. The altcoin had managed to grow so rapidly that it is now about half the market cap of bitcoin despite being more than 5 years younger. This outperformance had continued through the bull market and now even into the bear market. Ethereum has taken one step further to overtake bitcoin in yet another metric, and that is the amount of open interest in the asset. Open Interest Flips Bitcoin New data from Glassnode has shown an interesting development when it comes to the open interest in both Bitcoin and Ethereum options. Bitcoin had naturally dominated this metric due to not only being the first cryptocurrency in the market but also the digital asset with the most interest from investors, both retail and institutional investors. Ethereum had quickly surpassed bitcoin in this regard as its open interest had surged to $5.6 billion across all Put and Call options, accounting for more than a 47% increase in the last month. ETH’s popularity during this time and price recovery has obviously helped in its domination. Bitcoin, on the other hand, continues to trend around normal levels with $4.3 billion in open interest. This puts Ethereum ahead more than 30. With also more than $2.6 billion in Call options and a Put/Call Ratio of 0.26, Ethereum investors are showing their hand and it is very bullish. Ethereum Merge Drives Interest The major culprit behind the recovery in the price ...
