Ether (ETH) options showed a put-call implied-volatility gap more than three times that of Bitcoin (BTC) options on Oct. 19, indicating a larger relative premium for protection against an Ether decline.
At 11:58 a.m. ET (15:58 UTC), Bitcoin’s gap stood at 2.67 percentage points; it had measured 6.18 points a day earlier. Ether’s spread was 8.24 points at 12:18 p.m. ET (16:18 UTC), down from 11.27 points. The latest readings were taken 20 minutes apart.
The comparison pairs 25-delta puts and calls, which have similar sensitivity to changes in the asset’s price. Puts give holders the right to sell, while calls give them the right to buy. In both readings, puts carried higher implied volatility than comparable calls. That pricing difference does not, by itself, predict either asset’s next move.
Open interest measures something else: the value of options positions still outstanding. Coinglass data cited in our Oct. 19 Ether options report put Ether open interest at $5.94 billion, with calls accounting for the larger share. A call lead in outstanding value does not determine which side has higher implied volatility in the 25-delta comparison.
Separately, Bitcoin touched $80,000 and then recovered above $82,000 during Asian trading on Oct. 19. The Ether options measured in the volatility comparison expire Oct. 21.
