Final week, a purchase order for 50,000 contracts of ether choices – with a $400 strike value and expiring in June – appeared on Deribit’s order book, elevating alarm bells within the crypto neighborhood. As of press time, ether was priced round $1,300, so the choices commerce would repay if the ether value slid 69% in lower than six months. On Deribit, one ether choices contract represents one ETH.