This $28 million ether market bet aims to profit from pure market chaos
CoinDesk 2026-07-17 07:28:52
Context: A trader has made a high-conviction bet of roughly $28 million notional on sharp ether price volatility in either direction, buying 7,500 calls and 7,500 puts at a $1,875 strike that expire July 24. This trade, a long straddle, is designed to profit from big moves in ether's price rather than a specific price target. The bet was placed through a 15,000-contract purchase, with the trader paying about $852,000 in premium.
Key Facts
- The trader purchased 7,500 calls and 7,500 puts at a $1,875 strike price level, expiring on July 24, in a long straddle trade worth roughly $28 million notional.
- The premium paid to establish this trade was $852,000, which represents the maximum amount at risk if ether remains range-bound or quiet through the July 24 expiry.
- The trade involves 15,000 contracts, with each contract representing 1 ETH, and was executed using data from source Laevitas.
- As of the time of writing, ether's price was $1,825, down 2% since midnight UTC, having recently hit highs above $1,900 and a low near $1,500 in late June.
- The maximum possible gain from this trade is theoretically unlimited, as volatility itself has no upper bound and asset prices can move dramatically in either direction.