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As June approaches, we witness the focus in the cryptocurrency markets shifting towards Ethereum. However, this time, investors are not only concentrating on price trends but also on Ethereum options. According to Deribit data, there is a significant concentration in June-dated Ethereum options. Specifically, there is interest in call options above $3,600. This indicates an expectation of a rise in Ethereum’s price.
Increasing Interest in Call Options for Ethereum
Analyses show that the most popular strike price for end-of-June call options is around $6,500. This suggests that market players foresee a significant increase in Ethereum’s value. However, this forecast is not just based on speculation.
Deribit‘s open interest data indicates that there are over 617,000 call contracts expiring at the end of June, with a nominal value exceeding $1.8 billion. These contracts clearly show that investors trust in Ethereum’s potential to rise and want to benefit from this increase.
Focus on $6,500 in Ethereum Options
The cryptocurrency markets, especially Ethereum options, have recently become a significant focus of interest. According to CoinShares Researcher Luke Nolan, strike prices for end-of-June call options are concentrated above $3,600, with the most preferred price being $6,500.
At this point, analysts highlight a significant nominal value associated with the $6,500 price, precisely $192 million. This reflects some investors’ confidence that Ethereum will surpass or at least reach this level. On the other hand, examining the distribution of June-dated Ether options reveals that investors are targeting options above $3,600.
Put/Call Ratio
Another important indicator is the put-call ratio. According to the data, there is an increase in the number of outstanding call options before the end of June. A put-call ratio below one indicates that the volume of call options exceeds that of put options, suggesting a bullish market trend. The current ether put-call ratio on Deribit is recorded at 0.41.
However, despite all this market activity, ETH‘s price has dropped by over 2% in the last 24 hours, trading at $2,912 in the morning. Similarly, the GM 30 Index, representing the top 30 cryptocurrencies, fell by 1.61% to 128.16 during the same period.
All these data indicate that volatility in the cryptocurrency markets continues, and investors are developing complex strategies regarding price movements. However, the number of those expecting ETH to move towards the $6,500 level is quite noticeable. Therefore, ETH’s performance in the upcoming period will be closely watched based on activities around this strike price.
