Deribit Ethereum (ETH) options contracts with a strike price of $2,550 are set to expire on Friday. There are over 24,600 outstanding contracts worth more than $62 million at this price, even as the ETH’s price is $2,541.79 ahead of an exchange-traded fund (ETF) approval deadline in May.

The large volume of contracts appears to reflect market sentiments around the potential approval of exchange-traded funds that track the price of ETH directly.

ETH ETFs May Not Live Up to Expectations

The market expects the ETH price to rise to $2,900 on March 29, 2023, and $5,000 by June, following the first wave of anticipated ETF approvals in May 2024. A call option gives a contract holder the right, but not the obligation, to buy an underlying asset before or on the contract expiration date. 

Read more: An Introduction to Crypto Options Trading

Before the US Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs last week, Ethereum investment products saw a healthy inflow of funds. Corporate products saw inflows of $29 million in the first week of January. 

Bullish signals for the network include
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Author: David Thomas

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