Ether Options Traders Betting on $8K Price Next Month

[Cz Rock]

Prices for ether, the native cryptocurrency of the Ethereum blockchain, have already quadrupled this year. Now, some options traders are betting prices could double again – by the end of next month.

Market data reveals growing demand for ether’s deep out-of-the-money (OTM) call options – bullish bets with strike prices well above the spot market price of the underlying asset.

Ether has rallied from $2,000 to record highs over $3,500 in the past 10 days. On Tuesday, a single high-net-worth trader or a group of traders bought 9,000 contracts of the $8,000 call expiring June 25.

These block trades crossed the tape via the institution-focused, over-the-counter desk Paradigm and were booked on Deribit, the leading exchange for cryptocurrency options.

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