ETH options open interest reaches $5.92 billion as $2,750 call leads volume

Ethereum options positioning tilted toward the upside across both medium-term exposure and short-term trading flow, with directional call demand standing out over defensive put demand.

As of 9:50 a.m. on Oct. 12, ETH options open interest totaled $5.92 billion, up 1.63% from $5.82 billion a day earlier. ETH options volume stood at about $960.57 million.

Calls accounted for 61.17% of open interest, while puts made up 38.83%. By 24-hour volume, calls represented 60.49% and puts 39.51%.

The open-interest mix showed a clear lead for calls, indicating more medium-term positioning on the upside. The volume split also favored calls, suggesting short-term buying demand continued to reflect upside expectations.

The largest open-interest contracts were the $3,200 call expiring Dec. 25, 2026 on Deribit, the $2,200 call expiring Dec. 25, 2026 on Deribit, and the $2,500 put expiring Oct. 16, 2026 on Deribit.

The top contracts by 24-hour volume were the $2,750 call expiring Oct. 12, 2026 on Bybit, the $2,550 call expiring Oct. 12, 2026 on Bybit, and the $2,200 put expiring Oct. 12, 2026 on Bybit.

Options are derivatives used to take leveraged views on price moves or hedge existing exposure. A call option gives the right to buy the underlying asset at a preset price, while a put option gives the right to sell. Open interest measures the total outstanding options contracts in the market.

The balance between calls and puts, along with changes in open interest and volume, is used to separate medium-term positioning from short-term trading response. Rising open interest points to new position building, while a gap between open-interest and volume composition can indicate shifting hedging or volatility demand.