Ethereum Sees $2M Bullish Options Bet Targeting $3.4K by Month-End
A large options trade placed Thursday signals rising bullish sentiment on Ethereum, with one investor wagering over $2 million that ETH will climb significantly by the end of June.
According to data from Deribit, the trader bought 61,000 call options across $3,200 and $3,400 strike prices, all expiring on June 28. At the time of execution, Ethereum was trading near $2,460, making the bet a high-risk, high-reward play that anticipates a 30%+ rally within weeks.
The size and structure of the position point to institutional involvement, given the scale of capital and the strategic selection of near-dated strikes.
Context: A Market Poised for Movement
The aggressive call buying comes as Ethereum sits in a tight range below resistance, with multiple catalysts on the horizon:
- Pectra Upgrade: The May update expanded Ethereum’s technical capabilities, including validator improvements and the rollout of EIP-7702, paving the way for programmable wallets and smart contract integration at the account level.
- Corporate Adoption: In a notable development, SharpLink allocated $425M of its treasury into ETH, signaling growing confidence in Ethereum’s role as a strategic asset.
- ETF Momentum: Market participants remain focused on the possibility of a spot ETH ETF — particularly one that could incorporate staking features, adding another layer of potential demand.
Market Reaction and Sentiment
Options volume on ETH has surged in tandem with increased open interest, suggesting traders are positioning for higher volatility. Derivatives markets show skew toward calls, indicating a bias toward further upside.
“The positioning reflects growing belief in ETH’s breakout potential,” said Youwei Yang, Chief Economist at BIT Mining. “With ETF tailwinds and macro flows aligning, the setup looks increasingly favorable.”
The trade’s expiration date — June 28 — leaves a narrow window for Ethereum to rally. If the price stalls, the $2 million premium could be lost, but a sustained push toward $3,400 would deliver a significant payoff.
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