According to ChainCatcher, data released by Deribit officials show that in today's largest ETH bulk option transaction, a user sold a $2,600 put option and a $2,800 call option for the end of March next year, totaling 850 ETH, with a premium of $747,000.

It said that the user was shorting volatility, with a profit range of $1,950 to $4,200, and a currency-based return of 32.3%.