Despite Ethereum surpassing 2,800 dollars, 'bearish bets' increase in the options market… Will the bull market continue?

Ethereum (ETH) price broke through its highest level in 15 weeks at 2,800 dollars (USD) from last Monday to Tuesday, but in the options market, movements by traders seeking to hedge against downside risks following the recent surge have become prominent.

According to Cointelegraph on the 11th (local time), "Traders have been hedging risk by using bearish options after Ethereum surged 49% in May," adding, "At major exchange Deribit, over the past two weeks, there has been an increase in various positions hedging downside risks, such as 'short risk reversal' strategies combining long put and short call, and 'bear diagonal spread' strategies combining short-term call writing and long-term call buying."

Traders appear to be concerned that the U.S. Securities and Exchange Commission (SEC)'s approval of competing altcoin ETFs could negatively impact Ethereum's market share and price.

The media explained, "Although demand for downside protection has increased in the Ethereum options market, this does not necessarily mean that traders are betting on a price decrease," adding, "Most put options expiring on June 27 are targeting levels below 2,700 dollars, which suggests neutral or bullish strategies predominate."