The Ethereum (ETH) market has witnessed a surge in trades, marking a significant uptick in trading volume. According to reports, a staggering 60,000 options, accounting for 40% of the day’s total volume, with value of $120 million. This resurgence in block trades suggests a renewed interest in ETH, with some major players making substantial moves.
The primary driver of this surge seems to be the dominance of December calls (Dec-calls), particularly notable for a large number of naked-buy in-the-money (ITM) options. One eye-catching order stood out, totaling nearly $50 million, indicating that significant players, often referred to as “whales,” are maintaining their long positions. This substantial order raises eyebrows, hinting that these market giants have yet to close their positions, further fueling the bullish sentiment.
Amidst the ETH market fervor, the crypto community is abuzz with speculation regarding the potential approval of a spot Ethereum ETF. The anticipation is palpable, with market participants eagerly awaiting a possible development that could have far-reaching effects on the broader crypto landscape.