The native cryptocurrency of the Ethereum blockchain network, Ether, has managed to establish a new ATH of $1,500 today. According to data, the ETH options market registered a dominant call activity, which may explain the rally to the new record.
In the options market, you may choose between two types of contracts: puts and calls. Puts represent sell orders, while calls represent buy orders. The market turns bullish if there are more calls in the market.
Calls Dominated Even Before the Rally
A data analytics platform, Laevitas, came out to declare that even before the rally, 80% of Deribit’s ETH volume was already dominated by calls. The analysts agreed that, according to this volume trend, ETH would enjoy a major rally.
Hours later, ETH went over $1,500, being the second time in only one month that it reached a new ATH.
Su Zhu, the CEO of Three Arrows Capital, commented:
After passing $1,500 for the very first time, researchers at IntoTheBlock commented that the on-chain activity returned to the numbers last seen in January 2018: