With the impact of options diminishing, cryptocurrency market positions turn cautious

Matrixport analysis points out that the trading activity of bitcoin and ethereum options has significantly driven market performance over the past two years, but recently the impact of options on prices has noticeably weakened. Ethereum options open interest peaks in August 2025, while bitcoin options open interest reaches its peak in October 2025. After these peaks, both positions decline significantly, with ongoing deleveraging and a reduced influence of options on spot price volatility. The notional open interest of bitcoin options has dropped from about $52 billion to around $28 billion, while changes in ethereum position structure indicate that the previous combination of long futures positions paired with put options hedging is being unwound.