It’s a bullish crypto market right now, and Deribit wants to make sure traders can be as optimistic as they want. The exchange is giving traders a way to bet on ETH reaching $10k by year end.
The cryptocurrency futures and options exchange is introducing an ETH option with a $10K strike price and Dec. 21, 2021 expiry. With Ethereum closing in on $1,200, option buyers would be betting on an over 700% increase in price between now and then.
While a major jump, crypto proponents need to look no further than January of last year when ether was hovering at $143 to see comparable growth. The question is, will it repeat?
Derebit has released a slew of options in the last month. Starting with a 100K bitcoin option on Sept. 21 2021 released in mid December, the project quickly made a one-two punch move by adding $120K and $140K strike price options a week later. The exchange has added $6K, $7K, and $8K ether and $200K bitcoin options in the past week as well.
There are Takers
Over 1000 of the $10K ether calls have been traded. As the year progresses it will become clear whether ETH at $10K is more of a meme or a serious bet.
Regardless, options trading of cryptocurrencies is blossoming as Derebit reported a 243% and 662% increase of BTC and ETH options traded respectively in 2020.