With the focus on EIP1559, Ethereum options traders made big bets on the ETH rally in June.

The Ethereum (ETH) price continued to climb, reaching $2,000 on April 2, thanks to strong technical momentum following Visa's high-profile announcement.

Visa will allow its members to use USDC to settle transactions on the Ethereum blockchain network.

Since then, interest in Ethereum in the futures and options markets is picking up, with the former approaching $7 billion, the highest level in more than a month. The Ethereum options market is particularly bullish. The Ethereum options market shows big bets entering June.

The maximum strike price for an open position is $3200. This does not necessarily mean that ETH is likely to touch $3200, but it does indicate that there is a lot of interest in this price level.

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While traders can expect ETH to surpass $3,000 in June for a variety of reasons, one of the most important factors is the long-awaited EIP1559 update.

EIP1559 is scheduled to go live in July 2021 and will overhaul the existing fee structure of the Ethereum blockchain.

In short, the proposal will consume fees paid in ETH instead of fees paid to miners, which should stabilize transaction fees on the Ethereum blockchain.

The cost of using blockchain online has increased by 77% in recent days, while the price of Ether has increased by 31%.

EIP1559 essentially consumes some ETH paid for transactions, which will reduce the circulating supply of ETH, thus increasing its value.

Given that many options for the June strike price will expire before the implementation of EIP1559, this means that traders expect it to rally in the implementation phase.

A large amount of ETH outflow movement was also detected

Ethereum has been withdrawn from exchanges in large quantities in recent days.

Earlier this week, Coinbase dumped 400,000 ETH, which may indicate an increase in institutional interest in ETH.

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Outflows generally indicate that high-net-worth individuals and institutions have accumulated a large amount of funds, because when whales buy cryptocurrencies on exchanges, they generally transfer their holdings to self-custody wallets.

Therefore, as the positive data on the blockchain complements the strong basic catalyst of EIP1559, the view on Ethereum in the coming months is generally bullish.

In addition to this, the number of active addresses continues to increase, while the number of exchange bookings is steadily decreasing, indicating an increase in user activity and demand for ETH.