A $2 million bet on XRP volatility crosses the tape as prices surge
A trader has placed a $2.32 million 'long straddle' bet on XRP, anticipating significant price volatility before the August 28 expiration. This move signals a shift in market sentiment as traders move away from range-bound strategies.
Why it matters
Large derivative bets on cryptocurrency indicate institutional or high-net-worth interest and can influence short-term market liquidity and price action.
The trade was a “long straddle,” involving the simultaneous purchase of call and put contracts at the $1.16 strike level, according to derivatives analytics firm Laevitas. The trader purchased 2 million contracts in total, worth $2.32 million, while paying roughly $62,000 in premium. The position expires on August 28.
The report is a technical analysis of market activity based on derivatives data without taking a stance on the asset's value.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in