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Ethereum ETF is coming soon, according to option traders

10-22-2021

Data show that there is an increasing demand for long-dated, out-of-the-money (OTM) call options on ether. Some predict that an ether-based exchange-traded fund (ETF) will follow the introduction of the first Bitcoin futures-based ETF in the United States.
 
A significant amount of money was spent on ether's $15,000 calls that expire on March 25, 2022. Following Bitcoin's rise to almost $67,000, ether has traded above $4,000 in the last three days. According to data from the crypto derivatives market Deribit, all options expiring in March 2022 had the most open interest.
 
On Oct. 15, the first transactions at this price began with a purchase of about 700 futures. Another data supplier, Genesis Volatility, stated that movements for the $15,000-strike calls had been a mix of buyers and sellers. As of Wednesday, there were around 40,000 contracts up for interest in the March calls.
 
“The mix in flow is good,” Greg Magadini, co-founder and CEO of Genesis Volatility stated. It means there’s a real two-way market here and people hold both views regarding $15,000 being possible.” During US trading hours on Wednesday, Bitcoin reached a new all-time high. Some market players believed that an Ether ETF would be approved, which would raise ether's price.
 
In the United States, there are at least five known applications for ether-based ETFs, including two VanEck products based on Ether futures. According to one expert, Ether's regulatory compliance is no more difficult than Bitcoin's. Some speculate that an Ether-based exchange traded fund might be created this year.
 
Trey Griggs, CEO of crypto market GSR’s U.S. department stated, “An ether ETF will definitely launch this year and will definitely be bullish. The robust interest in the BTC ETF has again sparked rapid fire conversations in the investment management community about products that track a broad array of altcoins.”
 
Over the past three days, over-the-counter desk Paradigm noticed that client flows continued to lean "bullish" for ether, with particularly high volumes on both outright and call spread trades.
 
On Tuesday, the amount of money trapped in Ether futures contracts on derivatives markets exceeded $10.4 billion. On the same day, the monetary amount of open interest in Bitcoin futures was over $25 billion. Sui Chung, CEO of CF Benchmarks, believes the product will be available in mid-2022.