ETH Options Open Interest Near $5.7 Billion as $2,500 Call Leads Activity

Ethereum (ETH) options open interest held near $5.7 billion on Tuesday, with the $2,500 call emerging as the most actively traded contract—an indication that traders are continuing to position for upside while simultaneously using puts to manage near-term volatility.

Data compiled by CoinGlass as of 9:00 a.m. KST on June 24 (8:00 p.m. ET on June 23) showed total ETH options open interest (OI) at $5.69 billion, down 1.39% from the prior day’s $5.77 billion. By positioning, calls accounted for 60.34% of outstanding contracts, while puts made up 39.66%, keeping the overall OI structure skewed toward 'bullish exposure'.

Options turnover over the past 24 hours totaled about $1.03 billion. By venue, Deribit led with roughly $249 million, followed by Bybit at around $404 million, OKX near $191 million, Binance at approximately $182 million, and CME at about $6.42 million—highlighting that offshore crypto-native exchanges continued to dominate ETH derivatives flow despite the presence of regulated U.S. futures markets.

Notably, the short-term trading mix leaned slightly defensive: call volume represented 48.64% of 24-hour trading, while put volume came in at 51.36%. In practical terms, the market remained positioned with more outstanding calls, but incremental activity shifted toward puts—often consistent with 'hedging demand' or tactical positioning around near-dated expiries.

The largest OI concentrations were clustered in near-term and year-end upside strikes on Deribit, led by the $2,000 call expiring June 26, the $2,500 call expiring June 26, and the $3,200 call expiring Dec. 25. On a 24-hour traded-volume basis, the most active contracts were the $2,500 call expiring June 26 on Bybit, followed by the $1,500 put and $1,450 put—both expiring June 24—also on Bybit, underscoring heightened focus on immediate price risk.

Market participants typically read open interest as a gauge of how much positioning remains on the books, while volume captures how aggressively traders are adjusting exposure in real time. A higher share of calls in OI can suggest a market leaning toward upside scenarios over the medium term, but heavier put activity in daily volume can signal simultaneous preparation for pullbacks or volatility spikes—especially as nearby expirations approach.

With open interest only modestly lower day over day, the data points to a market that is still broadly committed to existing ETH positioning, even as traders rotate into short-dated instruments to fine-tune risk around key strikes such as $2,500.