Deribit Exchange Sees Surge in $5K ETH Call Options as Traders Anticipate Record Breakout

Ether's sustained rally has sparked intense activity in the derivatives market, with traders making bold bets on continued upward movement. More than $5 million has been invested in $5,000 strike call options expiring September 26, indicating strong confidence in ETH reaching new highs. Currently trading at $4,670—a 26% increase over the past month—buyers are also accumulating positions with strikes as high as $7,500 for December.

Analysts point out that ether has lagged behind both Bitcoin and XRP this cycle, suggesting potential for a catch-up rally. "With ETH sentiment still subdued, price targets include $5,000 for new all-time highs and $7,200 based on historical ETH/BTC ratios," noted Greg Magadini of Amberdata. Blockchain data shows retail traders are selling during the rally, which historically has been a bullish contrarian indicator.