Deribit Introduces Options for SOL, XRP, and MATIC
Deribit, recognized as the world’s largest cryptocurrency derivatives exchange, has unveiled options trading for three prominent altcoins: Solana (SOL), XRP, and Polygon (MATIC).
Traders displayed confidence in SOL’s potential, predicting a surpassing price of at least $155 by March 13. As of today, SOL has successfully reached the projected $155 mark.
Open positions in Solana futures experienced a 5% surge within the last 24 hours, reaching an impressive $2.41 billion. This upward trend in SOL futures positions has been consistent across Binance, Bybit, and OKX in the last hour.
Deribit’s Options Launch Details
Cryptocurrency derivatives exchange Deribit has officially launched options for Solana (SOL), XRP, and Polygon (MATIC). Solana achieved a new 2-year high of $155 on the day Deribit introduced SOL to the market.
Linear trading for XRP and Polygon (MATIC) options commenced on Deribit at UTC 8:00 on March 12. Notably, these new option markets will utilize USDC as the payment currency, diverging from Deribit’s existing BTC and ETH inverse options that use the underlying currency as collateral.
Deribit sees this move as a strategic step towards providing high-quality products and deep liquidity. The use of USDC as the settlement currency offers advantages such as trading on different altcoin options, reducing the need for hedging compared to BTC and ETH, and simplifying profit and loss calculations.
“This eliminates the need to balance collateral while holding positions on multiple altcoins like Solana, MATIC, and XRP, reduces the need for hedging for those looking to maintain a stable USD position, and simplifies profit and loss calculations,” says Luuk Strijers, Deribit’s Head of Trading.
Target Prices for XRP, MATIC, SOL
Deribit revealed that initial transactions in Solana options on March 11 featured calls with a strike price of $180, indicating an expectation of a more than 20% increase in SOL price by March 29. Traders were initially confident in SOL surpassing at least $155 by March 13, a target that has been met with today’s SOL price reaching $155.
XRP options showcased calls with strike prices of $0.74 and $0.90, along with puts at $0.69. Traders anticipate XRP’s price reaching $0.90 by March 29. XRP futures data also exhibited significant bullish sentiment, with total open interest increasing by over 25% in the last 24 hours.
Option transactions for Polygon (MATIC) predominantly featured calls with strike prices of $1.2, $1.4, and $1.6. However, the likelihood of a rally for MATIC is perceived as lower due to equally strong put open interests. Total open interest in MATIC futures decreased by over 5%, reaching $362.68 million.
Investors are urged to conduct thorough research before making investment decisions based on the mentioned data.
