As anticipation mounts for potential approvals of spot ether exchange-traded funds (ETFs), the options market for ether has taken on a distinctly bullish tone, with call options commanding higher premiums than put options across all expiries, according to analysis by Deribit CEO Luuk Strijers.

Strijers highlighted that the negative put minus call skew, coupled with an increasing basis, particularly for options expiring beyond June, signals a strong bullish sentiment among traders. This skew implies that traders are willing to pay more for call options, reflecting their confidence in the future appreciation of ether prices and their reduced interest in purchasing downside protection through put options.

The surge in optimism coincided with the U.S. Securities and Exchange Commission's (SEC) request for filing amendments from firms seeking to list spot ether ETFs, reigniting hopes for their potential approval. Notably, this development spurred significant trading activity on the Deribit derivatives exchange, with trading volumes reaching approximately $12.5 billion notional over a 24-hour period.

Strijers noted that the heightened market activity reflects increased interest from traders and investors positioning themselves to capitalize on the potential approval of spot ether ETFs. The surge in trading volumes and volatility underscores the significance of regulatory developments in shaping market dynamics and investor sentiment.

The bullish momentum in the ether options market gained traction following the SEC's request for filing amendments, which prompted firms such as Franklin Templeton, Fidelity, VanEck, and others to update and refile essential documents related to spot ether ETFs. This flurry of activity has fueled optimism and contributed to a positive outlook for ether's price trajectory.

As of the latest data, ether's price has increased by 1% over the past 24 hours, reaching $3,740, according to The Block’s Price Page. Additionally, the GM 30 Index, representing a basket of the top 30 cryptocurrencies, has also experienced a modest increase, further reflecting the overall bullish sentiment prevailing in the cryptocurrency market.