Ether Has 1 in 5 Chance of Tapping $5K by End-June, DeFi Options Protocol Lyra Says

Ether, the cryptocurrency of the Ethereum network, has a 20% chance of reaching $5,000 by the end of June, according to decentralized options protocol Lyra. Traders on the platform have been purchasing ether call options at the $5,000 strike price and higher, indicating a bullish sentiment. This comes after a recent surge in the price of ether following speculation that the U.S. Securities and Exchange Commission may approve spot ETH exchange-traded funds. Lyra, which has accurately predicted previous market movements, is a popular decentralized settlement protocol for options trading, accounting for over 50% of the global decentralized finance options volume. As traders anticipate increased volatility, they are turning to options to hedge against price fluctuations and to profit from potential rallies. The bullish outlook for ether options is also reflected in the activity on leading centralized exchanges like Deribit.