Traders Target $6K Ethereum With $7M Bullish Options Play

Ethereum bulls are making bold moves. A wave of sophisticated crypto traders has placed massive bets on ETH hitting $6,000 by December 26, deploying over $7 million in a structured options strategy known as a bull call spread.

The trades, executed via OTC platform Paradigm and later listed on Deribit, involved buying $3,500 call options and selling $6,000 calls in equal amounts. In total, 30,000 contracts of the $3,500/$6,000 spreads were traded across 10 block deals—reflecting strong conviction that Ethereum could rally significantly in the months ahead.

This type of trade caps both upside and downside: the max loss is the $7 million premium paid, while the max gain comes if ETH closes at or above $6,000 by the end of the year. As each contract represents one ETH, the notional exposure is considerable.

As of this writing, ETH is trading at $2,510, up more than 80% from its April lows around $1,390. The explosive recovery has fueled renewed optimism in Ethereum, especially amid rising momentum and bullish sentiment in the broader crypto market.

Still, the trade isn’t without risk. If ETH fails to rise above $3,600, the entire spread could expire worthless. And if ETH rockets past $6,000, gains are capped due to the short leg at that strike—meaning traders give up profit beyond that point.

Paradigm’s Dan Magadini commented on the move, saying, “There’s no reason to call tops in ETH right now.” That sentiment seems to echo across the market, as traders position early for what could be a year-end breakout.

Whether ETH hits $6K or not, one thing is clear: smart money is leaning heavily into the bullish case.