Whales Bet on Ethereum To Plunge to $400 This Summer:
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Chinese crypto journalist and blogger Colin Wu has tweeted that some crypto whales are believed to have bet on Ethereum to plunge to the $400 level via put options.
Wu cited @Blofin_Official, the account that shared the crypto analytics data. According to their tweet, an order has been placed of 26,000 Ethereum put options. The strike price for it was set at $400, the options will expire June 30 this year.
The strike price of a put option implies that when the option expires, a trader can sell the underlying asset at this price level even if it goes lower.
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