Ethereum Shows Bullish Signals in Long-Term Options Despite Growing Short-Term Selling Pressure
While the Ethereum market is experiencing a mild correction, data from the futures and options markets paints a clear picture of divergence between short-term sentiment and long-term expectations. Total open interest (OI) on Ethereum futures contracts remains above the $33 billion mark, a figure that reflects continued and large-scale interest from institutional and retail investors.
However, developments in the options market are striking a delicate balance between long-term optimism and short-term caution. The surge in short contracts over the past 24 hours contrasts sharply with the open interest skewed heavily towards call options – a sign of the tug-of-war between hedging strategies and ETH’s breakout expectations by late 2025.
$33 Billion ETH Futures: Market Still Large, But Starting to Pull Back
According to the latest data, total open interest in Ethereum futures contracts reached $33.09 billion, equivalent to 13.29 million ETH, spread across major exchanges. Meanwhile, total OI decreased slightly by 2.79% over the past 24 hours – a sign of a slight technical correction after recent volatility.
Binance and CME Group continue to play a key role in this market. Binance is holding 18.9% of the market with $6.26 billion in OI, while CME, which attracts institutional capital, holds $3.19 billion in OI, or 9.64% of the market. This shows a significant presence of professional capital in ETH futures trading.
Another important ratio, OI/Daily Trading Volume, is currently at 0.6366, reflecting a moderate level of trading activity relative to the open interest. Some platforms such as Kucoin (-17.37%) and OKX (-6.27%) have recorded a relatively sharp decline in OI, indicating a somewhat cautious short-term market sentiment.
Ethereum Options: Long-Term Bullish Sentiment Clearly Shown
While futures show a large but correcting market size, the options market is sending out clear long-term bullish signals. Call options now account for 65.87% of total open interest, equivalent to over 1.71 million ETH, while put options account for the remainder.
This suggests that many investors are betting on a strong ETH rally in the future, with the two most popular price points being $3,000 in July 2025 and $6,000 in December 2025. These prices reflect significant upside expectations – nearly 2 to 4 times higher than ETH’s current price.
However, Options Selling Pressure Remains Short-Term
Although open interest is skewed towards bullish contracts, 24-hour trading volume shows selling activity is dominant, with 55.58% belonging to put options, equivalent to 527,705 ETH.
This represents a short-term hedging strategy from investors who may be concerned about ETH price volatility in the coming weeks. Some traders may have placed short options to protect their positions from a correction, or simply expect ETH to continue to decline in the short term.
The highest volume contracts are all near expiry dates such as the $3,000 July 2025 call and $4,000 December 2025 call – indicating a mix of medium- and long-term strategies.
Short- and Long-Term Divergence: Market Sentiment Tensions
The Ethereum market is currently in a neutral state with a bullish bias. The long-term market sentiment is clearly bullish as call options dominate open interest. However, the increased put options trading volume suggests short-term caution, reflecting investors’ immediate concerns about ETH’s correction.
This is a sign that the market may be consolidating before a clearer trend emerges. Factors such as the Fed’s interest rate decision, US economic data, SEC actions, and global crypto market sentiment will be key factors in determining Ethereum’s next move.
Conclusion
Ethereum options and futures market data provide a comprehensive view of the current divided investor sentiment. While short-term trading volume shows a dominant sell bias, open interest and long-term options are clearly tilted towards the bullish scenario. In particular, bets on $6,000 by December 2025 indicate a significant market confidence in ETH’s growth potential in the medium to long term.
However, investors should still maintain a balanced strategy between expectations and risk management, especially when the market is still trading in a context of many unclear macro factors. In such a volatile environment, data from the options and futures markets are important tools to help decipher sentiment and guide more effective ETH investment strategies.