Crypto Options Market Booms: Deribit Reaches New Heights

Bitcoin and Ethereum Options Activity Reach $20B in First Mover Americas

Bitcoin and Ether options activity reaches $20B in the Americas.

Hey there, digital asset investors! Have you heard the latest news? The crypto options market is on fire, and it’s reaching unprecedented heights. According to data tracked by Switzerland-based Laevitas, the notional open interest in active bitcoin and ether options contracts on leading exchange Deribit has skyrocketed to a mind-blowing $20.64 billion! That’s right, billion with a “B.” It’s a milestone that even the Great Wall of China would envy.

To put things in perspective, this surge in open interest is almost parallel to the peak recorded in November 2021 when bitcoin traded above $66,000. That’s a whopping 90% higher than the current market rate. If this were a race, Deribit would be sprinting towards the finish line with twice as many outstanding contracts as before. Talk about a substantial triumph! Luuk Strijers, the chief commercial officer at Deribit, couldn’t contain his excitement, stating that this achievement is not just a win for Deribit but also a clear indicator of the broader market growth and increasing interest in options among their clients. Deribit truly reigns supreme, controlling a whopping 90% of the global crypto options activity. Not bad for an exchange, huh?

Ethereum’s Dencun Upgrade: Goldman Sachs Reveals All

Now, let’s shift gears and talk about the journey of Ethereum, the blockchain that keeps on evolving. In a recent note, Goldman Sachs revealed that Ethereum’s Dencun upgrade, expected to take place in the first quarter of 2024, is a significant step toward the blockchain’s goal of becoming a scalable settlement layer. But what exactly does Dencun bring to the table? Well, according to Goldman Sachs, Dencun will increase data availability for layer-2 rollups via proto-danksharding. That’s a mouthful, right? In simpler terms, Dencun will result in a reduction of rollup transaction costs, making it more affordable for end users. Think of it as getting a luxury car experience for the price of a second-hand scooter. Who wouldn’t want that?

Now, let’s dive into the technical details. A layer 1 network is like the foundation of your favorite building, while layer 2 refers to a set of off-chain systems or separate blockchains built on top of layer 1s. Rollups, on the other hand, are like the speed demon race cars of the blockchain world. They process transactions on a separate, faster blockchain (layer 2) and then bring the data back to the parent blockchain. And the best part? It’s all at a fraction of the price. It’s like getting a five-star meal at the price of a fast-food combo. Delicious, right?

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Sam Bankman-Fried’s Court Drama Unfolds: Risky Business

Now, let’s turn our attention to the courtroom drama surrounding none other than Sam Bankman-Fried, the FTX founder. The judge made a rather unusual move by letting Bankman-Fried take the stand and testify without jurors present. Talk about a cliffhanger! Although the jurors missed all the action, Bankman-Fried’s performance was nothing short of remarkable. After all, who testifies while being under oath without an audience? That’s a bold move, my friends.

But let’s rewind a bit. Bankman-Fried has been trying to paint the collapse of his multibillion-dollar FTX crypto exchange as an unavoidable accident. He even went on the record, gave interviews to reporters, started a Substack newsletter, and even took to Twitter to downplay his culpability. Talk about a one-man PR show! However, by testifying, Bankman-Fried has opened himself up to some tough questioning from prosecutors. The stakes are high, and the suspense is palpable.

Chart of The Day: Bitcoin Soars, Wall Street Struggles

Now, let’s take a look at the chart of the day, where we witness the epic rise of bitcoin while Wall Street struggles to keep up. The chart clearly shows that bitcoin’s price has increased by a staggering 34% since early September. Meanwhile, Wall Street’s tech-heavy index has taken a nosedive, dropping by nearly 9%. It seems like bitcoin is playing a different game altogether, while Wall Street is left scratching its head in confusion.

What’s the secret behind bitcoin’s success? Well, one factor that could be contributing to this decoupling is the impending BTC reward halving, scheduled for early next year. This event could ensure that the correlation between bitcoin and traditional assets remains weak, allowing bitcoin to dance to its own beat.

Source: TradingView

Trending Posts: Embrace the Crypto Frenzy

Now that we’ve covered the top news stories, it’s time to dive into the trending posts that are causing a buzz in the crypto world. Brace yourselves and get ready to indulge in some fascinating reads:

1. Crypto Assets Under Management Jump to $31.7B; SOL-Based Products Rise 74%: CCData – Discover the astonishing rise of crypto assets under management and the incredible surge of SOL-based products. The numbers will leave you amazed!

2. Standard Chartered-Backed Zodia Markets Gains Registration in Ireland – Explore the world of Zodia Markets, a rising star backed by Standard Chartered, as it gains registration in Ireland. This one’s for the ambitious crypto enthusiasts looking for new opportunities.

3. Bitcoin Surges to All-Time Highs in Turkey and Nigeria – Take a trip around the world and witness the extraordinary surge of bitcoin to all-time highs in Turkey and Nigeria. The crypto fever is spreading, my friends!

So, there you have it, the hottest news and trends in the world of digital assets. It’s like a rollercoaster ride that keeps your heart racing and your adrenaline pumping. The crypto market is full of surprises and opportunities, so fasten your seatbelts and get ready for an exhilarating journey. Buckle up, my fellow investors, and let’s ride the crypto wave together!

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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