Ethereum’s options market is gaining significant momentum, with open interest soaring to $13.75 billion, the highest level recorded in 2025, according to Glassnode data.
The figure marks a notable increase and brings the market close to the $14.6 billion all-time high achieved in March of last year.
The surge reflects a sharp rise in derivative activity as traders position themselves for potential price movements. Options provide a way for investors to gain exposure to Ethereum’s future price swings or hedge against losses while maintaining their ETH holdings.
This makes options attractive for institutional players and sophisticated trading desks seeking to execute more advanced strategies. Market data from Deribit reveals that most ETH positions are skewed toward bullish bets, with calls dominating over puts.
Significant spikes in open interest are visible at strike prices of $4,000, $5,000, and $6,200, indicating that traders are placing large bullish bets, nearly $2 billion in total, on these levels.
This bullish sentiment comes as Ethereum has surged by approximately 18.5% over the past week, pushing the price above $4,000.
The ongoing rally has spurred traders to lock positions ahead of potential gains, fueling the upward momentum.