A large trader has recently been experimenting with a combination strategy of ETH options—simultaneously opening 4,000 call and put options, investing over 80 ETH worth of premiums in total.

His logic is actually quite simple: holding spot ETH but expecting significant volatility by the end of March. Instead of passively taking hits, he prefers to pay some premiums to "insure" his spot holdings—using puts for downside protection and holding calls to benefit from upside.

On the profit side, if ETH really surges to 3500, combined with his spot holdings, profits will come. But the cost is also obvious—if the market remains stagnant, then the premiums for over 80 ETH become a net loss. This is the dual nature of options: the price of protection is paying tuition.