ETH options open interest hits ~$6.25 billion.
Ethereum derivatives positioning is getting crowded again. Tracked ETH options open interest currently stands at approximately $6.25 billion, representing approximately 2.64 million ETH. Calls currently make up about 62% of open interest, compared to 38% of puts. The largest nearby call concentration is around $2,600, with around 117,000 ETH in open interest. The largest pot concentration is around $2,300, with around 71,000 ETH. Important: more calls does not automatically mean traders expect ETH to pump. Options are also used for hedging, spreads and structured strategies. But the positioning does show where a significant amount of Ethereum derivatives exposure is being built. For now, $2,300 and $2,600 are two levels worth watching.