Ether Hits Fresh Record High, Sandbox’s SAND Leads Rally in Metaverse Coins

Since mid-October, Deribit has seen higher interest in year-end and March upside ETH exposure.

AccessTimeIconNov 3, 2021 at 3:56 p.m. UTC
Updated May 11, 2023 at 4:38 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Ether (ETH), the native cryptocurrency of Ethereum’s blockchain, refreshed record highs on Tuesday amid continued bullish flows in the options market. Meanwhile, tokens associated with virtual reality games extended their rally on Facebook’s recent championing of the metaverse as the next evolution of social technology.

  • Ether rose to $4,480 during the European hours, surpassing the previous peak price of $4,458 reached on Oct. 29, according to CoinDesk 20 data.
  • On Monday, several large bull call spreads crossed the tape on Deribit, the world’s largest crypto options exchange by volume and open interest.
  • As seen in the chart, a bull call spread involves purchasing a call at a particular strike price and simultaneously taking an opposite position in a higher strike call. The strategy is initiated when a measured rise in a cryptocurrency’s price is expected.
Ether options market flows (Laevitas)
  • Traders have been snapping up $10,000 and $15,000 calls expiring in March 2022 of late, with Goldman Sachs reportedly predicting an $8,000 ETH price before the year’s end.
  • “Since mid-October, we have seen higher interest in year-end and March upside ETH exposure,” Deribit’s Institutional Newsletter for October said.
  • “Premiums for downward protection are getting cheaper. A drop in 3 or 6 Month Skew indicates that out-of-the-money calls are getting more expensive than the money puts. A similar effect can be seen in the volatility term structure where Dec. and March IVs [implied volatilities] are elevated,” Deribit added.

SAND tops $3

Ethereum-based virtual reality platform The Sandbox’s SAND token tapped record highs above $3, taking the seven-day gain to over 300%. Other gaming tokens like enjin coin (ENJ) and lluvium’s ILV token also traded higher.

  • “The growing investor attention on the potential of the metaverse, helped by Facebook’s announcement (SAND and MANA are much more direct ways to bet on metaverse growth than is an investment in Facebook stock),” Noelle Acheson, head of market insights Genesis Global Trading, said.
  • “Facebook’s recent decision to rebrand as Meta is powering metaverse, non-fungible tokens and gaming tokens higher. AXS, ILV, WILD – all have hit lifetime highs, MANA, SAND, have tripled,” Dennis Hui, a DeFi portfolio manager at DAO Ventures, told CoinDesk in a Telegram chat.
  • According to Anthony Vince, global head of trading at GSR, The Sandbox’s latest closure of a $93 million Series B funding round led by SoftBank adds to bullish momentum around the cryptocurrency.
  • “This should help catapult their growth plans in the metaverse and NFT space, which is a focus of forward-thinking crypto investors at the moment,” Vince said of The Sandbox.
Performance of gaming tokens in the past 24 hours (Messari)


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about