Several thousand contracts of ether call options expiring in June and September changed hands in a block trade. Analysts are split on whether the giant flow represents a bullish bet on volatility or a rollover of covered call strategy. Reports godbole17.
Per data tracked by Amberdata, On Tuesday, a single entity booked a large block trade that involved the purchase of over 57,000 contracts of ether's June expiry call option at the $2,200 strike price and the sale of an equal amount of contracts of September expiry call at $2,200.
The covered call strategy involves selling a call option against a long position in the spot market, allowing coin holders to generate additional income. The strategy is taken when holders do not expect a significant price rally in the near term. A rollover means carrying forward the options position, in this case, a short call, from the near-term expiry to contracts with longer expiry.
"It looks as though the entity sold a calendar spread, but actually, it rolled over a covered call," Ardern told CoinDesk."After the trade, open interest in the June expiry $2,200 call decreased while open interest in September expiry increased, which means the trader rolled over the position from June to September.""Judging from the behavioral characteristics of this trader, he should be a whale holding coins, most likely a miner," Ardern added.
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