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Options Market Shows Record Activity
Ethereum’s powerful rally has triggered massive activity in the options market. Traders spent over $5 million in 24 hours on $5,000 strike call options expiring September 26, according to Amberdata data. This represents a bold bet that ETH will break above $5,000 by quarter-end.
Currently trading at $4,670, Ethereum has gained 26% this month. The surge puts ETH just 4.4% away from its all-time high of $4,861 reached in November 2021.
High-Stakes Bets Point to $7,500 Target
Beyond the $5,000 calls, traders are positioning for even bigger moves. Some picked up options at $5,500 and $6,000 strikes, while one participant bought December calls at the ambitious $7,500 strike through OTC platform Paradigm.
Greg Magadini from Amberdata sees significant upside potential. “With everyone sidelined from ETH and sentiment being completely in the dumps, there remains a lot of room for ETH to catch up,” he noted. His immediate targets include $5,000 for new all-time highs and $7,200 based on ETH/BTC ratios.
Retail Selling Creates Opportunity
Blockchain analytics firm Santiment identifies a key factor driving the surge: retail traders are selling while prices rise. This contrarian behavior historically signals more upside potential.
“Prices historically move in the opposite direction of retail traders’ expectations,” Santiment explained. The firm noted instances of extreme greed in June and July 2025 led to corrections, but current trader FUD and disbelief suggest limited resistance to further gains.
Catching Up to Bitcoin’s Success
While Bitcoin broke its 2021 peak in March 2024 and rallied into six figures, Ethereum remained range-bound between $2,000-$4,000. This performance gap has created pent-up demand among traders who see ETH as undervalued relative to Bitcoin’s gains.
The current momentum suggests Ethereum may finally be ready to close this performance gap and establish new records.
