Trader Places $28 Million Ether Straddle Expiring July 24, Betting on Sharp Volatility
Updated
Updated · CoinDesk · Jul 17
Trader Places $28 Million Ether Straddle Expiring July 24, Betting on Sharp Volatility
3 articles · Updated · CoinDesk · Jul 17
Summary
$28 million in ether notional changed hands in a 15,000-contract long straddle, with 7,500 calls and 7,500 puts struck at $1,875 for July 24 expiry.
The trader paid about $852,000 in premium—the maximum loss if ETH stays range-bound—while any large move above or below the strike could make the position profitable.
Ether traded near $1,825, down 2% since midnight UTC, after recently swinging from a late-June low near $1,500 to highs above $1,900.
The trade underscores rising use of crypto options to target volatility itself rather than direction, as exchanges including Kraken expand institutional ether derivatives offerings.