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ETH Hits $464, While ETH Options Open Interest Surges on Deribit and OKEx

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Tue, 09/01/2020 - 08:35
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Yuri Molchan
Glassnode has reported that certain changes have taken place in the sphere of Ethereum on-chain fundamentals which may have contributed to ETH reaching $464 high
ETH Hits $464, While ETH Options Open Interest Surges on Deribit and OKEx
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According to data shared by Glassnode analytics agency, Ethereum exchange flow has dropped to a 16-month low. However, miners' ETH rewards have increased, and so has the ETH exchange rate.

It has hit the $464 level but then began sliding back down.

ETH miner revenue hits 2-year high

Analytics data supplier Glassnode has reported an increase in ETH miners' rewards. The value of the metric has reached a 2-year high, now totaling $602,139.48.

Previously, a 2-year high of this metric amounted to $599,529.97on Aug. 13.

ETH
Image via Twitter

Exchange ETH deposits and withdrawals hit a major low

Another tweet from Glassnode said that ETH exchange netflow (which is the difference in volume between ETH sent to and from crypto exchanges) is down to a 16-month low of -14,004.623 ETH.

Users are not in a rush to transfer their ETH to trading platforms and are not withdrawing much.

The good news, though, is that the amount of ETH non-zero addresses has reached an all-time high of 46,369,750, increasing from the previous value of 46,367,456.

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ETH OI surges, ETH hits $464

Major derivatives exchange Deribit has announced that open interest in Ethereum options has spiked after the expiration that took place recently and now equals $433 mln.

The recent monthly expiration took place on Friday of last week and brought the OI value down to $350 mln.

As for another crypto exchange dealing with derivatives, OKEx, open interest in ETH options here is higher and is now above $450 mln.

ETH
Image via Twitter

The aforementioned factors may have contributed to ETH reaching a high of $464 a short while ago. Later on, however, ETH began sliding and is now exchanging hands at $461 after dropping below $460, according to CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.