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Trader buys $852,000 long straddle on ether expiring July 24
The $28 million notional position uses 7,500 calls and 7,500 puts at a $1,875 strike, with maximum loss limited to the premium paid.
A trader has placed an approximately $28 million notional options wager on ether, aiming to profit from large price swings in either direction ahead of a July 24 expiry, according to CoinDesk. The trade is structured as a long straddle, with simultaneous purchases of 7,500 calls and 7,500 puts at a $1,875 strike.
The position carries a premium cost of about $852,000, which is also the maximum loss if ether trades in a relatively narrow range and volatility does not expand by expiration. Because the payoff depends on the magnitude of the move rather than a specific direction, the bet is designed to benefit from sharp turbulence.
CoinDesk data cited puts ether at $1,825 as of the time of writing, down 2% since midnight UTC. The report also notes ether recently traded above $1,900 after reaching a low near $1,500 in late June.
The article frames the trade as part of a broader shift where some participants treat volatility itself as a tradable exposure, using options sensitivities such as vega and gamma to target returns from rapid price acceleration and changing volatility.