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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.

Foresight News reported that Matrixport released a market analysis, stating that over the past two years, the increased activity in bitcoin and ethereum options trading has been an important driving force behind market performance. However, recently, the impact of options on prices has significantly weakened. Ethereum options open interest peaked in August 2025, while bitcoin options open interest reached its peak in October 2025. Since then, options-related positions in both major markets have declined significantly, with ongoing deleveraging, and the influence of options on spot price volatility has also decreased accordingly. This shift reflects a slowdown in the pace of some capital entering the market in the short term, with new positions being more selective. The notional open interest in bitcoin options has dropped from about $52 billion to around $28 billion. Although many traders still express their bullish expectations for the market by buying call options, the position structure of ethereum shows different characteristics: previously, long futures positions were often paired with put options for hedging, but currently, such hedging combinations are being gradually unwound, and deleveraging is still underway.

Monitoring shows that whale address 0x395…45500 withdrew 12,000 ETH from a certain exchange in the past hour, with an average withdrawal price of approximately $3,331.76, totaling about $39.98 million. In 2025, this address made over $31.44 million in profit by buying high and selling low ETH. Currently, it holds 80,979.71 ETH on-chain, with a total value of about $269 million and an average holding price of approximately $3,137.62. (Ai Yi)