Hedge funds are pouring into ether derivatives ahead of the merge

Ether-based derivatives are heating up as large traders increasingly speculate on the cryptocurrency’s upcoming transition from proof-of-work to proof-of-stake. Aggregate open interest of ether options across top-tier exchanges increased from $2.74 billion on July 2 to more than $7 billion on July 29. It currently stands at $5.9 billion. Open interest indicates the value of all outstanding contracts that have yet to settle. Meanwhile, aggregate open interest of ether futures hit $7.58 billion on July 30, an increase from $4.71 billion on July 2.