Big Bet on Ether: Trader Wagers $2M on ETH Hitting $3.4K by Month-End
A bold options play on Thursday is adding weight to growing market optimism around Ethereum’s native token, ether (ETH), as a trader dropped over $2 million in premium to bet on a sharp price rally before June closes.
According to Deribit data, the trader purchased 61,000 ETH call options set to expire at the end of the month — split between $3,200 and $3,400 strike prices — signaling expectations of a potential 30%+ surge from current levels around $2,460.
The trade reflects confidence in ether’s short-term upside. Call options provide the right (but not the obligation) to buy ETH at a specific price in the future, and such large-scale bets often indicate institutional involvement or high-conviction positioning.
Bullish Sentiment Building
This options activity comes amid a resurgence in analyst optimism. As previously reported by CoinDesk, large players have begun accumulating ETH in anticipation of a breakout above $3,000 — a level many believe could serve as a catalyst for further institutional inflows.
Youwei Yang, Ph.D., Chief Economist at BIT Mining, points to a confluence of fundamental drivers:
“Protocol upgrades, treasury allocation decisions, and ETF speculation are creating a perfect storm for ETH,” Yang said in a note to CoinDesk.
Among the catalysts:
- Ethereum’s Pectra upgrade, which went live on May 7, has enhanced network efficiency and scalability. Key improvements include:
- Raising validator caps from 32 to 2,048 ETH
- Doubling blob throughput, increasing Layer-2 data capacity
- Implementation of EIP-7702, enabling smart contract capabilities for regular wallets
“These changes not only improve technical performance, but also make Ethereum more attractive to capital allocators and developers,” Yang noted.
Institutional Moves and ETF Buzz
Further bullish sentiment stems from a significant move by SharpLink Gaming, which announced a $425 million ETH treasury allocation — drawing parallels to the early wave of corporate Bitcoin adoption in 2020-2021.
Meanwhile, growing speculation surrounds the potential approval of a spot ether ETF with staking support in the U.S. Such a product would allow investors to benefit from both price appreciation and ETH’s staking yield — a feature absent from Bitcoin ETFs.
As institutional confidence builds and technical progress advances, traders appear increasingly willing to take high-stakes positions — betting that Ethereum’s momentum is just beginning to unfold.
