Ethereum options open interest represents approximately 23% of ETH futures and perpetuals open interest, totaling roughly $18 billion according to Coinalyze data. This ratio reveals a market preference for leveraged directional bets over convexity, the asymmetric payoff profile that distinguishes options. Most ETH options activity runs through Deribit, where call options account for 55% to 60% of open interest. With billions of dollars positioned in derivatives, a sharp move in ETH price could trigger liquidation cascades of forced closures.
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