The increase in the possibility of Spot Ethereum ETF approval has stimulated the entire cryptocurrency market, especially Ethereum.
While the ETH price was heading towards $4,000, there were also significant increases in Bitcoin (BTC) and ETH-based altcoins.
While optimism towards ETH and ETH-based altcoins continues, option investors have also raised their expectations.
Speaking to Coindesk, Nick Forster, founder of decentralized options market Lyra and a former Wall Street options trader, said that options traders are focusing on $5,000 call options for the end of June.
Announcing Lyra data, Nick Forster stated that, according to option data, there is a 20% probability that the ETH price will rise to $ 5,000 by the end of next month.
“This week, Lyra-based traders moved Ethereum call options expiring in June and July into strikes above $5,000, resulting in a bullish outlook.
Lyra options data indicates a 20% chance for ETH to reach $5,000 by June 28.
Traders increased their positions after the Ethereum ETF approval speculation and therefore there is a 20% chance that ETH will rise above $5,500 by July 26.
“I also think the ETH ETF approval will have a much larger impact on ETH compared to Bitcoin.”
If the options traders' predictions are correct, ETH needs to rise by about a third (about 35%) from the current level of $ 3,740 to reach the new record of $ 5,000.
Ethereum continues to trade at $3,730 at the time of writing.
*This is not investment advice.
