Trader bets $28M on ETH volatility with long straddle

A large long straddle trade has been detected in the Ethereum (ETH) options market, betting on a sharp price movement, CoinDesk reported. The transaction involved the purchase of 7,500 call options and 7,500 put options—totaling 15,000 contracts—with a strike price of $1,875 and an expiration date of July 24. The notional value of the trade is approximately $28 million. This strategy is designed to profit from volatility itself, rather than a specific price direction, and will be profitable if the price of ETH moves significantly either up or down by expiration. The trader paid a premium of $852,000 to establish the position.