🚨 A trader paid $10.42M in premium to bet on $ETH upside (Bull Call Spread)

With a total notional of ~74.5k ETH and net premium of ~$10.42M, this trader deployed a bull call spread, expecting ETH to move from $2,200 → $3,200, with max profit at $3,200.

Currently, the position shows a payoff of ~$11.2M

⇒ equivalent to +$7.45M for every $100 increase in ETH within the effective range.

Key highlight: expiry is set as far as Dec 25 → this suggests the trader is not confident about timing, only direction. They are willing to pay a significantly higher premium compared to shorter-dated options to maintain long-term exposure.

At the moment, the position is still roughly around breakeven relative to the initial premium paid.

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