$6.5K Ether Calls Dominant on Deribit

Ether’s ETH$3,067.95 price has had a rough quarter, still, on Deribit, the ether $6,500 call is the most popular option in terms of open interest.

As of writing, notional open interest in the $6,500 call, representing the dollar value of the active contracts, was $383.533 million, the highest among all ether options on the exchange, according to data source Deribit Metrics. Other popular plays were calls at $4,000, $5,500 and $6,000.

A call option at the $6,500 strike represents a bet that the spot price will rally beyond that level. A call buyer is implicitly bullish on the market.

Ether’s spot price has dropped 26% to $3,033 this quarter. At one point last month, prices hit lows under $2,650, CoinDesk data show.