Ethereum (ETH) options positioning remained structurally bullish on an open-interest basis, but short-term flow leaned defensive as traders concentrated activity in put contracts, highlighting a split between medium-term upside exposure and near-term hedging demand. As of May 4 at 00:00 UTC, data compiled by Coinglass showed total Ethereum options open interest (OI) at $6.38 billion, up about 0.95% from $6.32 billion a day earlier.
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