The ether (ETH) market has come alive with a whale, or investor with ample capital supply, trading large amounts of call options.
In the past 24 hours, a whale has bought nearly 92,600 ETH call option contracts worth $150 million on the crypto exchange Deribit, according to options data tracking website Greeks.Live. On Deribit, one options contract represents 1 ETH.
“The whale actively bought $150 million worth of notional ETH calls, and all of them were naked buys, with clear long-term bullish expectations,” Greeks.Live tweeted on X.
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Call options give the purchaser the right but not the obligation to buy the underlying asset at
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