Deribit Exchange Sees Surge in Ethereum Bullish Bets as ETH Eyes Record Highs

Ether (ETH) is attracting significant investor attention as its price continues to rally, with derivative markets showing increased activity. Over $5 million has been invested in Deribit's $5,000 strike price options expiring in September, indicating strong bullish sentiment for a new quarterly peak.

Demand isn't limited to $5,000 calls; strategic positions are also being built at $5,500 and $6,000 levels. Paradigm reported institutional interest in a $7,500 December expiry option, highlighting growing confidence in ETH's upside potential.

Analysts point out that Ether has underperformed compared to Bitcoin and XRP this cycle, suggesting room for a catch-up rally. Greg Magadini of Amberdata identifies $5,000 as a realistic all-time high target, with $7,200 possible if ETH/BTC parity reaches 0.06 alongside a $120,000 Bitcoin valuation.