Massive Bullish Bets on ETH Despite Market Pullback

Deribit data shows the $6,500 ETH call is now the top option by open interest, exceeding $383M in notional. Other heavily traded calls include $4K, $5.5K, and $6K strikes.

This surge in bullish positioning comes while Ether has dropped 26% this quarter, currently around $3,060, after hitting lows below $2,650 last month.

Are traders preparing for a sharp upside move?

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