Traders Bet on $6K Ethereum Surge With Millions Deployed in Bullish Options Strategy
Crypto traders are ramping up bullish bets on Ethereum, positioning for a potential rally to $6,000 by year-end through aggressive options strategies.
Last week, institutional participants and large-scale investors—often referred to as block traders—executed sizable bull call spreads on ETH. The trades involved buying $3,500 call options and simultaneously selling an equal number of $6,000 calls, both set to expire on December 26. This strategy was deployed through the over-the-counter platform Paradigm, and subsequently cleared through Deribit, one of the leading crypto options exchanges.
In total, 30,000 contracts of the $3,500/$6,000 call spreads were executed across 10 trades, with participants spending just over $7 million in initial cost. On Paradigm and Deribit, each options contract represents one ETH, making this a substantial bet on upward price movement.
The bull call spread strategy offers a capped return, with maximum profit occurring if ETH hits or exceeds $6,000 by the expiration date. The position reflects growing confidence among sophisticated traders that Ethereum could continue its rally over the coming months.
As of writing, ETH is trading at $2,510, according to CoinDesk. The strategy will become profitable if ETH climbs above $3,600 before December 26. However, should the price remain below that threshold, the trade could expire worthless, with losses limited to the initial $7 million outlay. Importantly, the upside beyond $6,000 is forfeited due to the short call leg at that level.
Ethereum has posted a remarkable 80% gain since early April, rebounding from lows of around $1,390 during the market sell-off. The recent surge has reignited optimism among traders, with some expecting further upside.
Commenting on the trend, Paradigm’s Dan Magadini noted, “There’s no reason to call a top on ETH right now.”
The large volume and structure of these trades suggest that major market participants see more room for Ethereum to run—and they’re willing to stake millions on that view.
