Ether price continues to show strength at $2,800, despite traders adopting bearish options strategies. After a significant rally in May, which saw prices increase by 49%, traders are opting for downside protection. The open interest in ETH options jumped from $6.3 billion to $8.3 billion, indicating heightened institutional involvement, particularly on the Deribit exchange, which maintains a 72% market share. Notable strategies include short risk reversals and bear diagonal spreads, both aimed at hedging risks while managing costs. Despite 63% of the open interest being in call options, suggesting some bullish sentiment, much of the put options are set below $2,700, indicating traders may not expect a severe drop. There are concerns regarding Ether's competition from altcoins and the possible approval of ETFs which could impact Ether's dominance. Overall, while bearish sentiment exists, it does not necessarily indicate a pessimistic outlook for Ether's price.

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