A massive bullish ether volatility bet hit the tape this week, designed to pay off handsomely from sharp price swings in either direction by July 24:
The trade, a monstrous 15,000-contract "long straddle," involved the simultaneous purchase of 7,500 calls and 7,500 puts at the $1,875 strike price level, expiring on July 24:
- The notional value represents the total market value of the underlying asset controlled by the trade, which amounts to roughly $28 million:
- The trader paid a premium of $852,000, which is the maximum loss if ether remains range-bound:
This bet represents a high-conviction wager that ether's price is likely to move rapidly in either direction:
The maximum possible gain is theoretically unlimited, as volatility itself has no upper bound:
