ETH options OI falls to $5.82 billion as $2,250 put leads volume

Ether options showed a smaller positioning base while maintaining a medium-term tilt toward upside exposure. Short-term trading was more evenly split, pointing to a cautious market stance.

As of 9:50 a.m. on Oct. 11, ETH options open interest stood at $5.82 billion, down 3.48% from $6.03 billion a day earlier. ETH options volume was about $900.59 million.

Calls accounted for 60.47% of open interest, while puts made up 39.53%. By 24-hour volume, calls accounted for 50.64% and puts for 49.36%.

The open-interest mix shows medium-term positioning remained more concentrated in calls. The narrow gap in volume, however, suggests near-term trading was not a broad chase higher and included volatility-management flows.

The largest open-interest contracts were the $3,200 call expiring Dec. 25 on Deribit, the $2,200 call expiring Dec. 25 on Deribit and the $2,500 put expiring Oct. 16 on Deribit.

The top 24-hour volume contracts were the $2,250 put expiring Oct. 11 on Bybit, the $8,000 call expiring Dec. 25 on Binance and the $3,800 call expiring Oct. 30 on Binance.

Editor’s note: Options are derivatives used to take leveraged exposure to price moves in an underlying asset or to hedge existing positions. A call option gives the holder the right to buy at a preset price, while a put option gives the right to sell. Open interest measures the total amount of outstanding options contracts and indicates the accumulated size of positioning.

The balance between calls and puts, together with changes in open interest and volume, can help distinguish medium-term position building from short-term trading. Rising open interest may indicate new positions, while a high call share in open interest alongside stronger put activity in volume can point to defensive or volatility-related demand.