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One of the few naked calls I've bought this year.
If you're bullish on ETH, buying calls is actually interesting. Volatility and GEX are on your side here.
Using Sep 25 $2,000 calls at ~$90 as an example:
- Volatility: ETH vol is cheap. IV at ~49 on this strike vs ~61 realized.
- Gamma exposure: ETH is sitting right on the $1.8K node, the flip is at $1,771, 1.44% below. Above $1.8K there's barely any dealer positioning until $2K.
- Expectation: Breakeven $2,090 by expiry, but that's not the real target. ETH at $2K with a vol pop and these are up big on mark. I chose Sep over Dec for more delta per dollar. And I think we're moving in a few weeks not months.
However, if we see a daily close back below $1.8K flips the dealer gamma. That's my invalidation.
NFA. DYOR.