as the Ethereum [ETH] Merge approaches, the altcoin king seems willing to seize any support he can get. Again, ETH has gone one step further by flipping Bitcoin [BTC].

It is of course not in terms of coin price or market capitalization. However, Arcane Research lets the cat out of the bag. For the first time, ETH surpassed BTC in open interest on options trading.

Until now, no other cryptocurrency had come close in that regard. According to the details, ETH appears to be in a boom phase as the trading volume in open options has surged.

The blockchain research firm noted that the open interest of ETH options was $8.2 billion, compared to $5.4 billion of BTC.

Fewer changes here, a lot there

Arcane Research’s report, also confirmed by Glassnode, showed that there was little trading activity in BTC options. Financing rates and future premiums have also fallen significantly.

On the other hand, ETH has: blossomed in these aspects. At the time of going to press, ETH’s perpetual funding rate averaged 0.005%.

The current value represented a slight drop from the value on all exchanges on August 13, when the ETH price was $1,981.86.

Source: Glassnode

In addition, ETH Remained at a diner with its Futures Estimated Leverage Ratio. Despite being a whopping 0.233 on August 14, it stayed within the same 0.222 zone at the time of writing.

Source: Glassnode

So can ETH maintain its momentum against BTC in the futures market?

Solid opportunity

With current market conditions, we may see a continuation of the trend in that regard. In combination with the Ethereum Classic [ETC] performance over the past two months, it looks like the move from ETH to Proof-of-Stake (PoS) could help it stay above BTC.

But what about the price?

Although ETH has caught up with BTC, the effect has not been reflected in the current price.

In short, there is a decline. After a quick ride to $1,900 on Aug. 16, ETH is trading below it with a 1.48% drop to keep the price at $1,876.

For BTC, it appeared that the top two cryptocurrencies were following a similar trend. At the time of writing, the number one cryptocurrency was trading in market value at $23,736, which was less than its price 24 hours ago.

As the Merger gets closer, it is highly unusual for there to be no price movements or surprises.

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