Deribit Expands Options Listing
Deribit, recognized as the world’s largest cryptocurrency options exchange, made a significant announcement in October 2023, stating its intention to list options for XRP, Solana (SOL), and Polygon (MATIC).
Options Now Available
After much anticipation, the day has finally arrived. XRP, Solana, and Polygon options are now live on Deribit. Initial transactions have shown a notable anticipation of price increases ahead of the Bitcoin (BTC) halving.
Trading Details
Options trading for XRP and Polygon (MATIC) commenced on Deribit at 08:00 UTC on March 12, while SOL options became available the following day. All of these new option markets will operate using USDC.
Price Expectations
- Initial transactions for Solana options hovered around $180, indicating an expectation of a more than 20% increase in SOL price before March 29.
- XRP options saw early purchases at $0.74 and $0.9, with sales occurring at $0.69, suggesting a target price of $0.9 for XRP before the end of March.
- Polygon (MATIC) options showed the most enthusiasm, with calls rallying at $1.2, $1.4, and $1.6.
Market Outlook
Over the past 24 hours, the open position of Solana and XRP futures has increased, indicating a bullish sentiment towards their prices. Conversely, the open position of MATIC futures decreased, suggesting relatively lower chances of recovery or rise for MATIC.
Luuk Strijers, Deribit’s trading director, highlighted the benefits of adopting USDC for closing option positions. This move streamlines processes, reducing the need for collateral rebalancing when holding positions in multiple altcoins such as MATIC and XRP, ultimately simplifying profit and loss calculations.
