Market sentiment is bullish, with positive risk reversals indicating a preference for call options.
Ether's recent price increase has pushed it into a negative gamma zone, which could increase its market volatility.
Bitcoin's price has been stable between $100,000 and $110,000, but upcoming events like the Fed minutes release may impact volatility.
Since its launch on June 18, the ETF has seen a net inflow of $4.52 million, with total assets under management nearing $4.9 million.
The $3 strike call option for XRP is the most traded, with significant buy trades indicating investor optimism.
Traders chase downside bets in BTC, according to data shared by onchain options platform Derive.
Quarterly settlements tend to breed market volatility.
Traders are seemingly shoring up their defenses.
The percentage of block trades via Deribit's RFQ increased to 27.5% this month, reflecting strong institutional demand.
NYDIG Research said playing the low volatility through BTC options might yield a "relatively inexpensive" trade for directional traders.
Bitcoin's price fell to its 50-day simple moving average, while oil prices surged due to geopolitical tensions.
The bullish flow is consistent with the renewed optimism among some analysts about ether's price prospects.
The options market for IBIT turned bullish, with calls becoming more expensive than puts, indicating renewed optimism.
XRP is used by Ripple Labs to power its cross-border payments platform.
IBIT fell 1.32% to $59.99 on Thursday.
Bitcoin options worth over $10 billion are set to expire on Friday at 08:00 UTC on Deribit.
The popularity of the June expiry $300 call reflects aggressive speculative positioning by traders anticipating continued upside, Deribit's Lin Chen said.
As BTC looks north, an invisible hand may work to slow the ascent above $115K
Crypto traders are betting on Ethereum's ether to reach $6,000 by Dec. 26 through bull call spreads.
Block traders piled into the $200 call option expiring on June 27.
Panning out over just the last week shows a much bigger sign of institutional positioning on BTC, Deribit said.
Earlier today, Coinbase agreed to acquire crypto derivatives exchange Deribit in a record $2.9 billion deal.
Traders looking for cues on potential Fed-led moves in major tokens might want to see what implied volatility indices are saying.
"There are always folks that want the hyperinflation hedge," one observer said, explaining the solid open interest build up in the $300K call option expiring on June 26.
XRP's recent price movement suggests a possible re-test of lows around $1.6, despite its strong order book depth.
The $100K call option has become the most favored bet, with a notional open interest of nearly $1.2 billion.
Market volatility saw traders chase options for hedging and speculative activities.
BTC put bias is strongest since the U.S. regional banking crisis of early 2023, according to one observer.
Puts trade pricier than calls out to the May-end expiry reflecting concerns of a price drop.
The level will remain a potential area of volatility following Friday's quarterly options settlement.