The $6,500 Ether call on Deribit has become the most heavily traded option, with notional open interest surpassing $380 million.
Despite a rough quarter for Ether, traders have concentrated their activity on the $6,500 strike. According to Deribit Metrics, the total dollar value of active contracts for this call currently stands at $383.5 million, making it the largest open interest among all Ether options on the exchange. Other popular strikes include $4,000, $5,500, and $6,000 calls.
Purchasing a $6,500 call signals a bullish bet that Ether’s spot price will climb above that level.
Ether has struggled this quarter, dropping roughly 26% to trade around $3,033. CoinDesk data shows that prices even dipped below $2,650 at one point last month.
