The $6,500 Ether call option on Deribit has become the most actively traded, with notional open interest topping $380 million.
Despite a tough quarter for Ether, traders continue to favor the $6,500 strike. According to Deribit Metrics, the total dollar value of active contracts for this call sits at $383.5 million, the highest among all Ether options on the exchange. Other popular strikes include $4,000, $5,500, and $6,000 calls.
A $6,500 call reflects a bet that Ether’s spot price will climb above that level, signaling a bullish stance from market participants.
Ether’s price has struggled in recent months, dropping roughly 26% to $3,033. CoinDesk data show that at one point last month, the cryptocurrency briefly fell below $2,650.
