“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.
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