Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The notional open interest of the dollar value locked in active bitcoin and ether options contracts on leading exchange Deribit has risen to $20.64 billion, according to data tracked by Swiss-based Laevitas.
"The milestone has been achieved with nearly double the number of outstanding contracts, representing not just a substantial triumph for Deribit, but also a clear indicator of the broader market growth and the escalating interest in options among our clients," Luuk Strijers, chief commercial officer at Deribit, told CoinDesk. Deribit controls 90% of the global crypto options activity.
The record activity means flows in the options market tied to investors and market makers will have more say in determining the spot market price.exposure in bitcoin. They may have bought the top cryptocurrency as it rose to adjust their overall exposure back to neutral, inadvertently accelerating the price rally. BTC has gained 30% in two weeks to trade above $34,000.
A call option is in the money when the underlying security's current market price is higher than the call option's strike price. A put is said to be ITM when the underlying asset's price is lower than the put's strike price.
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