Traders are making the largest bet yet on Ethereum rising to $6,500
Date: 2025-12-04 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The Ethereum derivatives market has seen a record concentration of capital in call options with a strike price of $6,500. According to Deribit, the notional open interest for these contracts has exceeded $380 million, making this level the most popular among all options bets on the coin. This imbalance indicates confident expectations among some traders for a strong price recovery in the future.
Besides $6,500, market participants are actively interested in contracts with strike prices of $4,000, $5,500, and $6,000. However, it is the option with the highest strike price that stands out in terms of volume. Essentially, its buyers are betting that Ethereum will not only recover, but also overcome several key resistance levels and reach levels that were recently considered too optimistic.
Interest in such bets is being generated against the backdrop of the asset's challenging dynamics. November was one of the weakest months for Ethereum in recent years: the cryptocurrency lost more than 22%, posting its largest monthly drop since 2018. However, in early December, the situation began to level off, and the price managed to regain a foothold above $3,000, restoring some confidence to the market.
Support for Ethereum is being expressed not only by options traders but also by representatives of the traditional financial sector. Former BlackRock executive Joseph Chalom previously stated that he believes Ethereum will become the foundation of future financial infrastructure. Such statements reinforce the long-term positive sentiment surrounding the second-largest cryptocurrency by market capitalization. Ethereum experienced sharp price fluctuations throughout 2025. In March, analyst Alessandro Ottaviani described the ETH/BTC pair as a "falling knife," with prices dropping to $1,892—the lowest since the fall of 2023. However, the situation changed dramatically in the summer: in August, Ethereum surpassed $4,880, setting a new high since 2021. This rise was accompanied by large-scale liquidations totaling over $769 million, with approximately half of the losses coming from ETH positions.
Amid such volatility, current activity in the options market suggests that a significant portion of investors are prepared to take a long-term view. Demand for high-strike call options indicates expectations of a return to the price targets previously forecast by analysts.
Optimism regarding Ethereum's prospects is also supported by long-term estimates. Steno Research predicted a rise to $6,500 by the summer of 2024, driven by the launch of spot ETFs. VanEck predicted a potential move to $22,000 by 2030, citing the development of scalable solutions and institutional demand. BitMEX co-founder Arthur Hayes also suggested that Ethereum's price could reach $10,000–$20,000 in the long term, emphasizing the growing role of institutional investors.
