Ethereum Options Skew Bullish as Open Interest Slips, Focus on $2,350 Calls

Ethereum (ETH) options positioning remained skewed toward bullish bets, even as total open interest slipped slightly, with traders concentrating activity in near-term upside strikes around the $2,350 level. The setup suggests risk appetite is still present, but with some participants trimming exposure amid a tightly watched short-dated trading window.

As of Tuesday 01:00 UTC, data compiled by Coinglass showed total Ethereum options open interest at $6.96 billion, down about 0.85% from $7.02 billion a day earlier. Calls accounted for 61.60% of outstanding contracts versus 38.40% for puts, indicating that the broader outstanding positioning continues to lean toward expectations of higher prices.

Trading activity over the latest 24-hour period totaled roughly $1.04 billion, led by Bybit with $496 million and Binance with $243 million. OKX followed with $122 million, while Deribit posted $179 million and CME recorded a comparatively small $4.71 million. By volume, calls made up 58.79% of trading, with puts at 41.21%, reinforcing the call-heavy tone while still leaving a meaningful share of demand for downside protection.

Open interest was most concentrated in several key strikes and expiries on Deribit: the $2,100 put expiring May 29 drew the largest outstanding interest, followed by the $2,500 call expiring June 26 and the $3,200 call expiring Dec. 25. The mix highlights a market simultaneously holding substantial downside hedges near $2,100 while also maintaining higher-strike upside exposure further out the curve.

In contrast, the most actively traded contracts over the past day were short-dated calls on Bybit, led by the $2,350 call expiring May 27, followed by the $2,125 and $2,150 calls with the same expiry. The clustering around these strikes points to traders targeting immediate price follow-through rather than longer-horizon positioning, a pattern often seen when markets anticipate a near-term catalyst or are attempting to capture short bursts of momentum.

Derivatives analysts typically read open interest as a gauge of accumulated positioning, while volume reflects more tactical, day-to-day risk-taking. A modest decline in open interest alongside call-dominant flows can indicate profits being taken or exposure being recalibrated, even if the broader market bias remains constructive.

Overall, Ethereum’s options market continues to show 'bullish skew' in positioning and activity, but the coexistence of sizable put open interest at lower strikes underscores that hedging demand remains active. That balance suggests traders are still preparing for volatility around key levels, with short-term call buying signaling optimism while protective structures remain in place.