Whale Buys $9.5M Ether Call Options Expiring This Year With $5K Strike
CryptoNewsTerminal Staff05 Jun, 2024
Whale Buys $9.5M Ether Call Options Expiring This Year With $5K Strike
Ether's price has been on a tear again this week, breaking above $4,000 for the first time in months. And according to one derivatives trader, a whale is betting that the rally has further to run. As Deribit's Asia business development head, Deribit, told Forkast, "a certain trader bought ETH call options expiring late this year with a strike price of $5,000." The total amount is 1,900 ETH, which is worth around $9.5 million at the current exchange rate. This is a bullish bet by the whale, who is essentially betting that the price of ETH will be above $5,000 by the end of the year. If the price of ETH does not reach $5,000 by the expiration date, the whale will lose the $9.5 million that they paid for the options. However, if the price of ETH does reach $5,000, the whale will make a profit. The amount of profit will depend on the exact price of ETH at the expiration date. It is worth noting that this is just one large trade, and it is not clear whether it represents a broader trend among whales. However, it is a sign that at least one whale is bullish on the future of ETH.
