One of the crypto traders made deals worth
over $2 million, buying call options on Ethereum ETH $2,508.69 with the expectation that the price will rise above $3,200-$3,400 by the end of June. Such actions coincide with a resurgence of optimism among analysts regarding the prospects of Ethereum.
It is known that the trader acquired 61,000 contracts set to expire by the end of June. Call options give the right to purchase the asset at a predetermined price, and in the event of an unfavorable price movement, the trader will only lose the premium paid, which in this case amounts to $2 million.
The main reason for this optimism has been the recent Ethereum upgrade called Pectra, which enhanced the network's scalability and flexibility for validators. In particular, the upgrade increased the validator limit from 32 to 2,048 ETH and doubled the throughput of blobs, which is important for Layer-2 solutions.
Chief Economist of BIT Mining Yuy Yan believes that technological progress, along with institutional steps and the potential launch of a spot Ethereum ETF in the USA, is restoring investor confidence in the asset. He reminded that SharpLink Gaming announced the placement of $425 million in Ethereum as part of its corporate reserves.
There is also increasing speculation about the rapid approval of a spot Ethereum ETF in the USA, which would allow institutions to gain not only access to the asset but also profit from staking. This is a distinction from the Bitcoin ETF, where such an opportunity is absent.
