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While the price of Bitcoin tries to exceed $35,000, many cryptocurrencies have achieved double-digit gains, with some even doubling in price. This surge, triggered by increased demand on Coinbase, reflects the interest of institutions. Although there has not been a huge demand for ETPs in the US region, optimism regarding ETF approval has prompted institutions to act quickly.
Deribit Data Raises Alarm
The increase in open interest on Deribit has led to increased activity in the options market. According to Deribit’s COO, Luuk Strijers, the expectation of ETF approval, supported by various developments, has generated significant excitement.
Deribit, the cryptocurrency options market, facilitates qualified investors to buy and sell BTC options. The increased volume clearly reflects the interest of institutions and accredited investors in cryptocurrencies. Moreover, it indicates that the recent surge may continue.
Experts Say Crypto Will Rise
Recent data suggests that fluctuations in BTC price, increased demand in the options markets, and CoinShares ETP reports indicate a rise according to industry experts. Furthermore, despite numerous negative factors in the macro landscape, they are still experiencing growth.
The increased demand in the Deribit options market, as well as the expectation of ETF approval, have supported the price surge. ETF approval will allow institutions from around the world to invest in Bitcoin more easily and securely. Therefore, the increasing institutional interest could lead to much greater results than the individual demand explosion seen in 2021. It appears that more institutional capital will enter the markets.
Additionally, as demand for spot BTC ETFs increases, issuers who need to increase their holdings of the underlying asset (BTC) will have to acquire more BTC from the circulating supply. This could contribute to a real scarcity of supply and further increase the price.
The open position of BTC options is currently around $12.4 billion, while the open position of Ether options is at the $6.5 billion level. The total open position amount in Deribit’s product group is $21 billion.
According to K33 Research, the US exchange giant has reached a milestone as the open interest in Bitcoin futures surpasses 100,000 Bitcoins for the first time.
