ETH Options Market Heats Up as Whale Eyes $3.4K Target Before June 30

Massive Options Bet Signals Ethereum Bullishness as Trader Eyes $3.4K Target by Month-End

A significant options trade placed Thursday has drawn attention across crypto markets, as one trader committed over $2 million in premium, betting that Ethereum (ETH) will rise sharply before the end of June.

Data from Deribit shows the trader bought 61,000 call options split across $3,200 and $3,400 strike prices, all expiring on June 28. The position reflects a strong belief that ETH — currently trading near $2,460 — could rally more than 30% in just a few weeks.

Such large-scale options activity is typically associated with institutions or sophisticated investors seeking asymmetric upside with defined risk.

Ethereum’s Bullish Setup Strengthens

The trade comes at a time when Ethereum’s fundamentals are improving:

Pectra upgrade: Activated in May, this upgrade increased validator staking limits, doubled data capacity for rollups, and introduced EIP-7702, allowing externally owned accounts to function like smart contracts.
Institutional adoption: Gaming firm SharpLink revealed a $425M ETH treasury allocation, a move reminiscent of early corporate Bitcoin adoption waves.
ETF anticipation: Market participants continue to speculate on the launch of a spot ETH ETF with staking support — a product that could drive further capital inflows.

“With infrastructure improving and institutions allocating, ETH is well-positioned to outperform,” said Youwei Yang, Chief Economist at BIT Mining.

Market Sentiment and Technical Outlook

Though ether has faced resistance near $2,500, some analysts argue the recent consolidation is laying the groundwork for a breakout. On-chain metrics show rising accumulation, while options markets are pricing in elevated volatility heading into Q3.

“This isn’t a random bet — it’s a calculated signal of growing conviction,” one institutional trader told CoinDesk.

Whether ETH can deliver a rally to $3,400 by June’s end remains uncertain. But the size and timing of this trade suggest confidence that the next leg up may already be in motion.