As we approach the month of June, the cryptocurrency market is experiencing a shift in focus towards Ethereum. However, this time, investors are not only concerned about price trends, but also about Ethereum options. Deribit data reveals a significant interest in June-dated Ethereum call options, particularly those above $3,600. This indicates an expectation of a price increase for Ethereum.
One analysis shows that the most popular strike price for end-of-June call options is around $6,500, suggesting that market players anticipate a substantial rise in Ethereum’s value. This forecast is not solely based on speculation, as Deribit’s open interest data reveals over 617,000 call contracts expiring at the end of June, with a total value exceeding $1.8 billion. This demonstrates investors’ trust in Ethereum’s potential for growth and their desire to profit from it.
Ethereum options, especially those for the end of June, have recently become a significant area of interest in the cryptocurrency market. Luke Nolan, a researcher at CoinShares, highlights that strike prices for end-of-June call options are concentrated above $3,600, with $6,500 being the most preferred price.
Analysts also draw attention to the significant nominal value associated with the $6,500 price, which amounts to $192 million. This reflects the confidence of some investors that Ethereum will either surpass or at least reach this level. Additionally, an analysis of the distribution of June-dated Ether options reveals that investors are targeting options above $3,600.
Another important indicator to consider is the put-call ratio. Data shows an increase in the number of outstanding call options before the end of June. A put-call ratio below one indicates that the volume of call options exceeds that of put options, suggesting a bullish market trend. Currently, the ether put-call ratio on Deribit stands at 0.41.
Despite all this market activity, the price of ETH has dropped by over 2% in the last 24 hours, trading at $2,912 in the morning. Similarly, the GM 30 Index, representing the top 30 cryptocurrencies, fell by 1.61% to 128.16 during the same period.
All of these data points indicate that volatility in the cryptocurrency market persists, and investors are developing complex strategies to navigate price movements. However, it is worth noting that there is a significant number of people expecting ETH to move towards the $6,500 level. Consequently, ETH’s performance in the coming period will be closely monitored based on activities surrounding this strike price.
