Learn From Smart Money: Derivatives Data shows Divided Views on ETH as ETF Recorded Strong Inflows

The positive sentiment around BTC has resonated throughout the border cryptocurrency market as the price of the leading crypto reached another ATH. ETH also benefited from the bullish sentiment as it handily surpassed $3,000, the highest level since August 2024.

In our previous publication, Learn From Smart Money: The Case for ETH Playing Catch-Up, we noted that some options traders on Bybit have been using $2,700 and $3,600 calls with a year-end expiration for this run. Now, the $2,700 calls have already turned significant profit at the current price level.

While some believe that the BTC bull run may last at least until year-end, some ETH derivatives traders may have a different idea. In this edition of Learn From Smart Money, we’ll follow up on the latest ETH derivatives trading data on Bybit and try to unlock the reasoning behind these traders’ strategies.