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ETH Whales Signal Bullish Sentiment: $150 Million Worth Of ETH Call Options Traded On Deribit

source-logo  news.coincu.com 18 September 2023 10:31, UTC
In a clear indicator of bullish sentiment, data from the options data tracking website Greeks.Live reveals that over the past 24 hours, significant trading activity has taken place in the form of Ethereum call options contracts on the cryptocurrency exchange Deribit. The cumulative value of these contracts stands at a staggering $150 million.

This ETH whales have been particularly active, with nearly 92,600 ETH call option contracts purchased within this timeframe. It’s essential to note that each options contract on Deribit represents 1 ETH. These substantial trades indicate a high level of confidence in the future price movement of Ethereum.

Notably, the exercise prices of these call options are significantly above the current market price. For instance, the December call option contracts for 40,000 ETH have an exercise price of $2,200, while the October call option contracts for 50,000 ETH are set at $2,000. This signals a belief among traders that the value of Ethereum is poised for substantial growth, even surpassing these exercise prices.

The majority of the trading activity of the ETH whalesETH whales is concentrated in out-of-the-money call options, indicating that traders are looking for significant price appreciation in the second-largest cryptocurrency by market volume. These out-of-the-money calls become profitable if this bluechip token’s price surges above the exercise price, allowing traders to capitalize on potential gains.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.