User-Upal514
13 Following
26 Followers
22 Liked
0 Shared
Ether Is Set to Explode as Traders Pump Millions Into $6K ETH Bets
Crypto traders are betting on Ethereum's ether to reach $6,000 by Dec. 26 through bull call spreads.
What to know:
Crypto traders are betting on Ethereum's ether to reach $6,000 by Dec. 26 through bull call spreads.
Over 30,000 contracts were executed over-the-counter, costing $7 million.
Ether's price has surged over 80% since April, with analysts optimistic about further gains.
Crypto traders are betting big on ether
ETH$2,494.65
Last week, block traders, typically institutions and large players, executed bull call spreads on ether, purchasing the $3,500 call options while simultaneously shorting an equal number of calls at the $6,000 strike, both set to expire on Dec. 26.
Traders executed the strategy via over-the-counter platform Paradigm, which was later listed on crypto exchange Deribit. Traders executed 30,000 contracts of the $3,500/$6,000 call spreads across 10 separate trades, spending just over $7 million in initial debt/cost.
The strategy will yield the highest profit if ether rises to or beyond $6,000 by Dec. 26. On Paradigm and Deribit, one options contract represents one ETH.
Therefore, the large volume of the $3,500/$6,000 call spreads indicates a strong expectation of a bullish move to $6,000 by the end of the year. As of writing, ether changed hands at $2,510, according to CoinDesk data.
Note that if ETH stays below $3,600, the strategy will expire worth less, limiting the loss to the initial cost of $7 million. Another downside of this strategy is that traders stand to lose out on potential upside above $6,000 due to the short position at that strike level.
Ether's price has risen over 80% to $2,500 since early April, when the broader market panic saw ETH hit a low of around $1,390 on several exchanges.
Magadini said there is no reason to call tops in ETH right now.
"I continue to like these upside trades, especially for the beat-up Ethereum, as risk assets continue to rally.
Crypto traders are betting on Ethereum's ether to reach $6,000 by Dec. 26 through bull call spreads.
What to know:
Crypto traders are betting on Ethereum's ether to reach $6,000 by Dec. 26 through bull call spreads.
Over 30,000 contracts were executed over-the-counter, costing $7 million.
Ether's price has surged over 80% since April, with analysts optimistic about further gains.
Crypto traders are betting big on ether
ETH$2,494.65
Last week, block traders, typically institutions and large players, executed bull call spreads on ether, purchasing the $3,500 call options while simultaneously shorting an equal number of calls at the $6,000 strike, both set to expire on Dec. 26.
Traders executed the strategy via over-the-counter platform Paradigm, which was later listed on crypto exchange Deribit. Traders executed 30,000 contracts of the $3,500/$6,000 call spreads across 10 separate trades, spending just over $7 million in initial debt/cost.
The strategy will yield the highest profit if ether rises to or beyond $6,000 by Dec. 26. On Paradigm and Deribit, one options contract represents one ETH.
Therefore, the large volume of the $3,500/$6,000 call spreads indicates a strong expectation of a bullish move to $6,000 by the end of the year. As of writing, ether changed hands at $2,510, according to CoinDesk data.
Note that if ETH stays below $3,600, the strategy will expire worth less, limiting the loss to the initial cost of $7 million. Another downside of this strategy is that traders stand to lose out on potential upside above $6,000 due to the short position at that strike level.
Ether's price has risen over 80% to $2,500 since early April, when the broader market panic saw ETH hit a low of around $1,390 on several exchanges.
Magadini said there is no reason to call tops in ETH right now.
"I continue to like these upside trades, especially for the beat-up Ethereum, as risk assets continue to rally.
Circle Has Explored Potential $5B Sale to Coinbase or Ripple Instead of IPO: Report
The stablecoin issuer took part in informal talks over a potential sale from which it was seeking at least $5 billion.
What to know:
Circle, which filed for an initial public offering (IPO) last month, has explored the alternative of a sale to Coinbase or Ripple, Fortune reported.
Circle took part in informal talks over a potential sale from which it was seeking at least $5 billion.
This figure would be line with the company's valuation by investment banks JPMorgan and Citi, which Circle had hired to help with its IPO.
Stablecoin issuer Circle, which filed for an initial public offering (IPO) last month, has explored the alternative of a sale to crypto exchange Coinbase (COIN) or payments company Ripple, according to a Monday report by Fortune.
The New York-based issuer of USDC, the second-largest stablecoin, took part in informal talks over a potential sale from which it was seeking at least $5 billion, Fortune reported, citing people who asked not to be identified.
This figure would be line with the company's valuation by investment banks JPMorgan and Citi, which Circle had hired to help with the IPO.
Coinbase holds a minority share in Circle, and the two companies share revenue from USDC's reserve interest income. Ripple recently debuted its own stablecoin, RLUSD. An offer by Ripple to buy Circle was rejected, Bloomberg reported last month.
Circle said in an emailed statement that it "is not for sale," and remains committed to going public, Fortune said. The company aborted a previous attempt at going public via a special purpose acquisition company (SPAC) merger in 2021.
Coinbase Shares Could See $16B of Buying Pressure From S&P 500 Index Inclusion: Bernstein
CircleIPOCoinbaseRipple
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
#BTC
#ETH
#Xrp🔥🔥
#ADA
#DOGE
The stablecoin issuer took part in informal talks over a potential sale from which it was seeking at least $5 billion.
What to know:
Circle, which filed for an initial public offering (IPO) last month, has explored the alternative of a sale to Coinbase or Ripple, Fortune reported.
Circle took part in informal talks over a potential sale from which it was seeking at least $5 billion.
This figure would be line with the company's valuation by investment banks JPMorgan and Citi, which Circle had hired to help with its IPO.
Stablecoin issuer Circle, which filed for an initial public offering (IPO) last month, has explored the alternative of a sale to crypto exchange Coinbase (COIN) or payments company Ripple, according to a Monday report by Fortune.
The New York-based issuer of USDC, the second-largest stablecoin, took part in informal talks over a potential sale from which it was seeking at least $5 billion, Fortune reported, citing people who asked not to be identified.
This figure would be line with the company's valuation by investment banks JPMorgan and Citi, which Circle had hired to help with the IPO.
Coinbase holds a minority share in Circle, and the two companies share revenue from USDC's reserve interest income. Ripple recently debuted its own stablecoin, RLUSD. An offer by Ripple to buy Circle was rejected, Bloomberg reported last month.
Circle said in an emailed statement that it "is not for sale," and remains committed to going public, Fortune said. The company aborted a previous attempt at going public via a special purpose acquisition company (SPAC) merger in 2021.
Coinbase Shares Could See $16B of Buying Pressure From S&P 500 Index Inclusion: Bernstein
CircleIPOCoinbaseRipple
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
#BTC
#ETH
#Xrp🔥🔥
#ADA
#DOGE
Crypto Watchlist for the week:
$MNT - Mantle is expected to announce a major new integration this week
$JUP - Jupiter Exchange will make two big product announcements this week
$AVAX - Avalanche Summit London starts on May 20. The project might make some major announcements during it
$BTC - US Senate is rumored to pass stablecoin legislation this week
$LQTY - Liquity V2 will relaunch on May 19
$SOL - Metamask co-founder confirmed that native wallet support for Solana is coming in May
$MNT - Mantle is expected to announce a major new integration this week
$JUP - Jupiter Exchange will make two big product announcements this week
$AVAX - Avalanche Summit London starts on May 20. The project might make some major announcements during it
$BTC - US Senate is rumored to pass stablecoin legislation this week
$LQTY - Liquity V2 will relaunch on May 19
$SOL - Metamask co-founder confirmed that native wallet support for Solana is coming in May
Altcoin Season Could Heat Up in June and Drain Part of Bitcoin’s $2T Market Cap, Analyst Says
Joao Wedson, CEO of Alphractal, predicts a full-blown alt season in June, with BTC dominance already under pressure.
Representation of some crypto tokens. (CoinDesk archives)Read Less
What to know:
Bitcoin's dominance in the cryptocurrency market has decreased from 65% to 62%, indicating a potential shift towards alternative cryptocurrencies.
Joao Wedson, CEO of Alphractal, predicts a full-blown alt season in June, with many altcoins already outperforming bitcoin.
Despite the decline in Bitcoin's dominance, broader market measures suggest the bull market has not yet fully expanded beyond bitcoin.
Bitcoin's (BTC) dominance rate has dropped notably this month, sparking hopes for a full-blown alt season or period where the bull market spreads beyond BTC, lifting valuations in other sectors of the digital assets market.
Joao Wedson, CEO and founder of crypto data analysis platform Alphractal, expects a full-blown alt season to unfold in June.
Bitcoin's dominance rate, which measures the leading cryptocurrency's share of the total digital assets market, has dropped from roughly 65% to 62% in one week, ending a prolonged five-month uptrend, according to data source TradingView.
During the same time, the total crypto market capitalization has increased from $2.90 trillion to $3.24 trillion.
Per Wedson, the altcoin season is already underway and the BTC dominance is expected to decline rapidly in the coming months. Wedson's proprietary altcoin season index, which focuses on select 57 altcoins, shows 37 of those coins have outperformed BTC in the past 60 days.
"Even if BTC drops in the coming weeks, most altcoins have already bottomed out, and it’s unlikely they’ll fall below recent price levels. Part of bitcoin’s $2 trillion market cap is likely to flow into altcoins. So make sure to analyze your altcoin against BTC pairs (e.g., ETH/BTC or COTI/BTC)," Wedson said on a detailed post on X.
#BTC #Xrp🔥🔥 #Notcoin👀🔥 #ADA
Joao Wedson, CEO of Alphractal, predicts a full-blown alt season in June, with BTC dominance already under pressure.
Representation of some crypto tokens. (CoinDesk archives)Read Less
What to know:
Bitcoin's dominance in the cryptocurrency market has decreased from 65% to 62%, indicating a potential shift towards alternative cryptocurrencies.
Joao Wedson, CEO of Alphractal, predicts a full-blown alt season in June, with many altcoins already outperforming bitcoin.
Despite the decline in Bitcoin's dominance, broader market measures suggest the bull market has not yet fully expanded beyond bitcoin.
Bitcoin's (BTC) dominance rate has dropped notably this month, sparking hopes for a full-blown alt season or period where the bull market spreads beyond BTC, lifting valuations in other sectors of the digital assets market.
Joao Wedson, CEO and founder of crypto data analysis platform Alphractal, expects a full-blown alt season to unfold in June.
Bitcoin's dominance rate, which measures the leading cryptocurrency's share of the total digital assets market, has dropped from roughly 65% to 62% in one week, ending a prolonged five-month uptrend, according to data source TradingView.
During the same time, the total crypto market capitalization has increased from $2.90 trillion to $3.24 trillion.
Per Wedson, the altcoin season is already underway and the BTC dominance is expected to decline rapidly in the coming months. Wedson's proprietary altcoin season index, which focuses on select 57 altcoins, shows 37 of those coins have outperformed BTC in the past 60 days.
"Even if BTC drops in the coming weeks, most altcoins have already bottomed out, and it’s unlikely they’ll fall below recent price levels. Part of bitcoin’s $2 trillion market cap is likely to flow into altcoins. So make sure to analyze your altcoin against BTC pairs (e.g., ETH/BTC or COTI/BTC)," Wedson said on a detailed post on X.
#BTC #Xrp🔥🔥 #Notcoin👀🔥 #ADA
Login to explore more contents