Bitcoin (BTC) and altcoins experienced sharp and sudden declines in October and November. While these declines have fueled market talk of a bear market and a crypto winter, options bulls are still anticipating a significant rally.
Accordingly, Ethereum (ETH) options traders have placed bets that it will reach the $6,500 price level.
While Ethereum has had a rough quarter since its ATH in August, options bulls say the rally is far from over.
Deribit Data Highlights Strong Bullish Sentiment
According to Deribit data, the $6,500 call option for Ethereum is the most popular option in terms of open interest on Deribit. The $6,500 call option on Deribit was the most popular option with a total open interest value of over $380 million.
A call option with a strike price of $6,500 represents a bet that the spot price will rise above that level, reflecting a strong expectation of a potential large rally for Ethereum. The next largest call option bets by strike price are at $4,000, $5,000, and $6,000, respectively.
Recent Price Action and Market Context
The Ethereum spot price, which reached its ATH of $4,960 on August 18, has fallen 35% since its ATH, falling to $3,060. However, in November, the price of ETH fell to $2,650.