Ethereum Bulls Place Massive $7M Bet on $6,000 Price Target by Year-End
A surge of confidence is sweeping through the Ethereum market as traders make bold moves betting on a significant rally. Over the past week, major players have executed a strategic options play known as a bull call spread, wagering millions on ETH hitting $6,000 by December 26.
Using the over-the-counter platform Paradigm and clearing trades on Deribit, these traders purchased $3,500 call options while simultaneously selling an equal number of $6,000 calls. In total, roughly 30,000 contracts changed hands across 10 separate trades, with an initial investment topping $7 million.
This strategy profits if ETH climbs above $3,600 by expiration, with maximum returns locked in at $6,000. While losses are capped at the initial premium paid, gains beyond $6,000 are foregone due to the short position.
At present, Ethereum is trading near $2,510, having rallied over 80% from April lows around $1,390. The strength behind this rebound is fueling bullish sentiment, prompting traders to position early for a potential year-end breakout.
Paradigm’s Dan Magadini summed up the mood: “There’s no reason to call a top on ETH right now.” With such significant bets in play, the market is clearly gearing up for a potentially explosive finish to the year.
