ETH options OI at $5.81 billion as $3,500 calls lead volume

Ethereum options positioning tilted higher across both medium-term open interest and short-term trading activity, with call options taking a clear lead over puts.

As of 11:20 UTC on Oct. 14, ETH options open interest stood at $5.81 billion, up 0.24% from $5.79 billion. Total ETH options volume was about $851.59 million.

Calls accounted for 61.9% of open interest, while puts made up 38.1%. By 24-hour volume, calls represented 65.3% and puts 34.7%.

The open interest split showed medium-term positioning remained more concentrated on the upside. The volume breakdown also pointed to stronger short-term demand for exposure to further gains than for defensive downside positioning.

The largest open interest was concentrated in the $3,200 call expiring Dec. 25, 2026 on Deribit, followed by the $2,200 call and the $2,300 call with the same expiry on Deribit.

The top contracts by 24-hour volume were the $3,500 call expiring Oct. 16, 2026 on Bybit, followed by the $3,400 call and the $3,300 call with the same expiry on Bybit.

Editor's note: Options are derivatives that allow investors to make leveraged bets on the price of an underlying asset or hedge existing positions. A call option gives the right to buy at a preset price, while a put option gives the right to sell. Open interest measures the total outstanding contracts in the market.

The balance between calls and puts, along with changes in open interest and volume, can help distinguish medium-term position building from short-term trading flows. Rising open interest often signals new positions entering the market, though call-heavy open interest can still coexist with defensive short-term activity when put volume rises.