Options and futures data indicate a stronger bullish tilt among Ethereum options traders than among Bitcoin counterparts, analysts say. Key derivatives metrics signal that the market is paying up for near-term upside in Ether while institutional capital rotates into ETH-related products.
Ethereum Derivatives Show Strong Bullish Divergence
Derivatives indicators highlight a clear divergence in positioning. Ethereum put-call ratios have fallen well below 1 on several readings—reported lows near 0.70 and 0.78—while Bitcoin’s PCR sits closer to 0.91. This gap indicates a heavier preference for call-side exposure in Ethereum compared with a more balanced hedging posture in Bitcoin. Implied-volatility skew for Ether has flipped from a negative bias near −11% to a positive short-tenor call bias around +4.8%, signaling that traders are paying premiums for near-term upside.
Open interest distribution reinforces the directional bias toward upside. The largest reported notional contract is a $6,500 Ethereum call with roughly $380 million of open interest, with additional clusters at $4,000, $5,000 and $6,000, plus a $2,800 breakout target tied to the June 27, 2025 expiry. These concentrations reflect high-conviction positioning in out-of-the-money calls rather than balanced defensive hedging.
Futures activity and capital flows align with the bullish options signal. Reports point to a recovery in Ether futures activity and renewed leveraged long interest, alongside periods where spot ETH ETFs recorded materially larger inflows than comparable Bitcoin products. The ETH/BTC ratio reaching 2025 highs near 0.037% is cited as evidence of capital rotation reinforcing derivative sentiment.
Network-level developments are also being cited as fundamental support. Ethereum’s transition to Proof-of-Stake and related upgrades are referenced as drivers of improved scalability and reduced energy usage. These technical upgrades are being priced into expectations for long-term protocol utility and value capture.
Positioning strength coexists with elevated implied volatility and regulatory uncertainty. Traders are paying higher option premia instead of rotating into puts, which signals conviction but increases downside exposure if momentum fades. Risk managers are monitoring strike concentration into the June 27, 2025 expiry, funding rates, and any rapid unwind in call positioning that could shift the current narrative.
Derivatives metrics show Ethereum options traders positioned more aggressively for upside than Bitcoin peers. This stance reflects strong speculative conviction but also embeds elevated volatility and concentrated strike risk tied to the upcoming options expiry.
