"Buying options in this low implied volatility environment is extremely interesting," one crypto firm says.
"Ether's spot-driven rally is primarily due to excitement around the impending EIP 1559 upgrade," one market expert said.
Bitcoin tends to perform well in the days following the month-end options settlement, based on recent history.
Bitcoin has bounced to $54,000, the max pain point of the April 30 options expiry.
Bias for short-term bitcoin puts or bearish bets has weakened in the wake of price rise.
A steep drop in the Bitcoin blockchain's hashrate may have prompted some traders to hedge, after prices fell to a three-week low.
Option traders continue to snap up cheap out-of-the-money call option at the $80,000 strike.
Market activity is surging as the Ethereum blockchain's native cryptocurrency rises to fresh all-time high prices.
Bitcoin's call options are drawing higher value than puts.
The exchange is planning to roll out futures tied to the index soon. It's not a "fear gauge" but an "action gauge."
Historically, the implied volatility spread has proven a reliable indicator of upcoming shifts in market leadership.
Theoretically, the $80,000 call represents a bet that bitcoin would settle above that level on April 30.
The record bitcoin options expiry could be bearish overhang on the market.
"Falling implied volatility suggests that markets are expecting sideways price action," one analyst said.
A pair of wildly speculative options trades on cryptocurrency trading network Paradigm has analysts’ tongues wagging.