Ethereum Whale Bets Big on June Breakout With $2M Options Play
A major Ethereum investor has made a bold, time-sensitive bet — staking over $2 million on ETH surging past $3,400 by June 28.
The trade, executed on Deribit, involved the purchase of 61,000 call options across the $3,200 and $3,400 strike levels. At the time of execution, ETH was trading below $2,500, suggesting the trader is anticipating a 35% rally in just a few weeks.
This massive move comes as ETH consolidates just under resistance and market participants brace for a potential breakout fueled by macro and protocol-level catalysts.
“This is not just a directional bet — it’s a high-conviction thesis that something big is brewing,” said Youwei Yang, Chief Economist at BIT Mining.
Why the Trader Might Be Right
Several tailwinds could justify the aggressive positioning:
- The recent Pectra upgrade brings crucial enhancements, including validator flexibility and smart contract capabilities via EIP-7702, which could accelerate DeFi and user wallet innovation.
- Corporate treasuries are starting to embrace ETH. SharpLink, for instance, made headlines with a $425 million ETH allocation — a move reminiscent of MicroStrategy’s early Bitcoin strategy.
- Speculation over a spot ETH ETF continues to grow, especially with rumors of products that might include staking rewards — a unique differentiator from existing crypto ETFs.
Meanwhile, options activity across Ethereum has surged, reflecting heightened interest from institutional traders and hedge funds looking to express directional views or hedge.
“If the ETF news hits or BTC pushes above $110K, ETH could catch fire,” one trader noted.
Clock’s Ticking
This options strategy has a hard deadline — June 28. If ETH crosses $3,400 by then, the position could return many multiples of the initial investment. But if the rally fizzles or arrives late, the $2 million premium is lost.
For now, all eyes are on Ethereum’s price action, as this trade adds fuel to growing expectations of a summer surge.
