{"id":440223,"date":"2023-09-18T16:01:26","date_gmt":"2023-09-18T16:01:26","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=440223"},"modified":"2023-09-18T16:01:26","modified_gmt":"2023-09-18T16:01:26","slug":"crypto-whale-makes-150-million-bet-that-says-ether-will-surge-33-by-year-end-and-20-by-next-month","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-whale-makes-150-million-bet-that-says-ether-will-surge-33-by-year-end-and-20-by-next-month","title":{"rendered":"Crypto Whale Makes $150 Million Bet That Says Ether Will Surge 33% By year End And 20% By Next Month"},"content":{"rendered":"

A crypto whale has made a $150 million bet that says Ethereum (ETH) is about to fly. <\/span><\/p>\n

The whale bought mostly “out of the money” options for Ether, with one large block of 40,000 contracts having a strike price of $2,200 for December and another block of 50,000 contracts with a strike price of $2,000 for October, anticipating increases for the cryptocurrency of at least 20% by next month and 33% by year end, according to data<\/a> from options data tracking site Greeks.Live. Ether traded at $1,658 at 11:55am ET.<\/span><\/p>\n

The transactions were executed as block trades that occur outside the exchange’s order book to minimize their impact on the market price. S<\/span>uch block trades are often seen as a proxy for institutional involvement in the cryptocurrency market.<\/span><\/p>\n

The bet on Ether, <\/span>the second-largest cryptocurrency by market volume, involved <\/span>the purchase of 92,600 ETH carried out on Deribit, where each call option contract represents 1 ETH. <\/span><\/p>\n

These option contracts provide the holder the right to purchase 1 ETH at a predetermined price in the future, without any obligation to do so. <\/span><\/p>\n

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In just the past hour, over 40,000 ETH Block calls were traded, almost all buying 29DEC23-2200-C, and with the nearly 50,000 buying 27OCT23-2000-C last night, the cumulative number of block calls traded has reached 92,600 ETH.
The whale actively bought $150 million worth of…
pic.twitter.com\/GwI39Ph0GZ<\/a><\/p>\n

— Greeks.live (@GreeksLive) September 18, 2023<\/a><\/p><\/blockquote>\n