“Ethereum call options witness a bullish surge as altcoin inflows signal a growing interest in the potential of this vibrant cryptocurrency ecosystem.”
On Monday, Ethereum (ETH) saw a significant surge in call options trading, with over 140,000 contracts traded. These trades, primarily focused on monthly options in the 1650/1700/1800 range, are set to expire on Nov. 24 and have a notional value exceeding $250 million.
The increase in trading activity also included a rise in both put and call sales and buys. As a result, previous sell positions were closed, and short-term implied volatility increased. This suggests that investors are anticipating heightened price volatility in the near future.
Interestingly, this bullish trend in Ethereum contradicts a recent CoinShares report, which indicated $6 million outflows from the second-largest cryptocurrency. This is surprising considering the overall optimistic sentiment towards altcoins, which has been driving inflows into the market.
In other news, Ethereum co-founder Vitalik Buterin reportedly saw weekly gains of $42 million. However, the digital currency MATIC experienced a 4% slide. Polygon, a protocol and framework for building and connecting Ethereum-compatible blockchain networks, introduced a new token contract on the Ethereum platform.
Please note that this article was generated with the support of AI and reviewed by an editor. For more information, please refer to our T&C.