April 11, 2011 3:38 PM EDT

Someone made a massive bet that silver will plunge in the coming months, and traders noticed.

A trader made a $1 million bet that ETF iShares Silver Trust (NYSE: SLV) will fall 37 percent by July, according to Bloomberg. One Hundred Thousand options to buy 100 shares of the ETF at $25 by July changed hands at the ask price of about 10 cents and exceeded the open interest of 6,054 outstanding contracts before today.

The ETF traded at an all-time high of $40.33 early Monday, before falling sharply as other investors reacted to the large bet.

Silver for May delivery traded as high as $41.975 earlier, but has since come off to the current levels of $40.10.