PANews January 14 News, according to today’s chart analysis by Matrixport, the increased activity in Bitcoin and Ethereum options trading over the past two years has been a key driver of market performance. However, recently, the impact of options on prices has noticeably weakened. Ethereum options exposure peaked in August 2025, while Bitcoin options exposure peaked in October 2025. Since then, options-related positions in both markets have significantly declined, and deleveraging has continued, leading to a decrease in the influence of options on spot price volatility.
This change reflects a slowdown in the short-term entry pace of some funds, with new positions becoming more selective. The nominal Bitcoin options exposure has decreased from approximately $52 billion to about $28 billion. Although many traders still express bullish expectations for the market by buying call options, Ethereum’s position structure shows different characteristics: previously, long futures positions were often hedged with put options, but now these hedging combinations are gradually being unwound, and deleveraging is still ongoing.
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