ETHUSDT Ethereum (ETH), which has underperformed against Bitcoin (BTC) for a long time, has recently seen a strong rebound, boosting bullish sentiment.
According to CoinDesk, options traders have turned optimistic, using a bullish call spread strategy. Data from Deribit shows institutional investors buying $3,500 call options and selling $6,000 call options, both expiring on December 26. This strategy aims to maximize profits if ETH hits $6,000 by year-end.
Crypto derivatives analyst Greg Magadini believes Ethereum still has room to grow, saying ETH is undervalued compared to other risk assets and has yet to reach its cycle peak.
ETHUSDT Abraxas has been buying Ethereum since May 7. Today, it purchased another $115 million worth, bringing its total holdings to 350,703 ETH — worth approximately $837 million.