Ethereum Gets a Bullish Call With a $10M Option Bet Due EOY

The Ethereum (ETH) market has closely followed the footsteps of Bitcoin YTD although the yields are different. Moreover, Ethereum’s price has lagged behind Bitcoin’s performance in the latest breakout.

Nonetheless, the performance of Ethereum during the second half of the year could outshine that of Bitcoin as the altcoin market gets a boost from a declining BTC dominance. Up approximately 3 percent in the past 24 hours to trade around $1,965 during the early New York market on Monday, Ethereum price has shown high prospects of rallying further in the coming months.

Ethereum Whale Gets Bullish

According to market aggregate data provided by Amberdata, Ethereum traders are betting big on a continued rally during the second half of the year. Specifically, a single whale investor purchased approximately 63,350 bull call spreads tied to the ether at an average price of $1,900 with a strike price of about $2,500. 

“For Ethereum to highlight call spreads $1,900-$2,500 in December for around $10M of net premium paid: MASSIVE,” Greg Magadini, director of derivatives at Amberdata, noted.

Interestingly, crypto analysts are convinced Ethereum price could play catch-up with Bitcoin in the second half after a massive rally fueled by institutional investors’ adoption.

“During the mid-June 223 lows, we got a buy signal when ether traded at $1,700. Now at $1,920, prices have rallied, but we think the chance for an explosive move higher has arrived,” Matrixport’s head of research and strategy, Markus Thielen, said. “Ether could catch up with bitcoin.”