On Deribit, the $6,500 call option for Ethereum is the most popular option in terms of open interest.
Bitcoin (BTC) and altcoins experienced sharp and sudden declines in October and November. While these declines have fueled market talk of a bear market and a crypto winter, options bulls are still anticipating a significant rally.
Accordingly, Ethereum (ETH) options traders have placed bets that it will reach the $6,500 price level.
While Ethereum has had a rough quarter since its ATH in August, options bulls say the rally is far from over.
According to Deribit data, the $6,500 call option for Ethereum is the most popular option in terms of open interest on Deribit.
The $6,500 call option on Deribit was the most popular option with a total open interest value of over $380 million.
A call option with a strike price of $6,500 represents a bet that the spot price will rise above that level, reflecting a strong expectation of a potential large rally for Ethereum.
The next largest call option bets by strike price are at $4,000, $5,000, and $6,000, respectively.
The Ethereum spot price, which reached its ATH of $4,960 on August 18, has fallen 35% since its ATH, falling to $3,060. However, in November, the price of ETH fell to $2,650.
