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Ethereum (ETH) options traders are clustering around a $2,500 strike for longer-dated bullish positioning, while short-dated flow is gravitating toward $2,750. The positioning suggests a split between medium-term upside expectations and near-term tactical trading.
As of April 20 at 00:00 UTC, data compiled by Coinglass showed total Ethereum options open interest (OI) at approximately $7.33 billion, down about 2.53% from $7.52 billion a day earlier.
Calls accounted for 63.38% of outstanding contracts, with puts at 36.62%, indicating that the market’s standing inventory remains tilted toward bullish exposure.
Notional options trading volume over the past 24 hours totaled roughly $2.33 billion. By venue, Deribit led activity with about $5.29 billion in reported volume, followed by OKX at $721 million, Bybit at $567 million, Binance at $390 million, and CME at $360 million.
Despite the call-heavy OI profile, the 24-hour volume split was nearly balanced—calls at 50.68% versus puts at 49.32%—a pattern that can emerge when traders maintain upside structures while also paying for short-term protection or volatility hedges.
The largest concentrations of open interest were centered on Deribit’s longer-dated call strikes. The top contracts by OI were the $2,500 call expiring June 26, the $3,200 call expiring Dec. 25, and the $2,000 call expiring June 26.
Heavy positioning at $2,500 and $2,000 suggests traders continue to frame those areas as key reference levels for the next leg of market direction, while the $3,200 strike reflects a longer-horizon bet on a more aggressive appreciation scenario.
In contrast, the most actively traded contracts over the last 24 hours were concentrated in short-dated expiries on Bybit. The leading contracts were the $2,750 call expiring April 20, followed by the $2,550 call expiring April 20, and the $1,000 put expiring April 24.
The dominance of same-day call flow around $2,750 points to a focus on near-term momentum and gamma-driven positioning. The presence of deep-out-of-the-money put volume can indicate tail-risk hedging demand rather than a base-case bearish outlook.
Options are derivatives that allow traders to express leveraged views on price direction or hedge spot and futures exposure. A call option gives the right to buy at a predetermined price—typically used for bullish positioning—while a put option gives the right to sell and is commonly used for downside bets or protection.
Open interest represents the total number of outstanding contracts and serves as a gauge of accumulated positioning. Changes in OI alongside shifts in call/put participation can help distinguish between medium-term positioning and short-term defensive or volatility-driven flows.
With call-heavy open interest persisting even as short-dated volume remains mixed, the current structure suggests traders are keeping an upside bias on the books while actively managing near-term uncertainty through rapid turnover and hedging. The balance between these forces is likely to influence how ETH trades around widely watched strikes such as $2,500 and $2,750 in the days ahead.
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