Deribit Exchange Sees $7M Institutional Bullish Bet on Ether Targeting $6K

Ether options activity indicates increasing institutional confidence in ETH’s upward potential. Block traders executed a series of 30,000-contract bull call spreads last week, combining $3,500 calls with $6,000 call shorts expiring December 26. The $7 million position, facilitated through Paradigm’s OTC platform and listed on Deribit, represents one of the most aggressive bullish plays in crypto derivatives this quarter.

The strategy achieves maximum profitability if ETH sustains its rally to $6,000—a 70% gain from current levels. Such structured trades typically come from sophisticated players hedging spot exposure or positioning for volatility events. The December expiration aligns with potential ETF approvals and protocol upgrades that could drive ETH’s next upward move.