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Crypto•1 July 2026•

1 min read

Ethereum Options Skew Turns Call-Heavy as Short-Term Hedging Picks Up

Key Facts

1Aggregate open interest in Ethereum options declined slightly on Tuesday, with short-dated trading concentrated on a $1,600 call option on Bybit.

Amid persistent outflows from spot Ethereum ETFs, traders are turning to short-dated call options for risk management. According to reports, aggregate open interest in Ethereum options declined slightly on Tuesday, with trading concentrated on a $1,600 call option on Bybit. This activity reflects an effort by traders to balance near-term downside risk with bullish positioning.

The call-heavy skew suggests traders are positioning for potential upside moves while hedging against sharp declines. This comes as spot ETF outflows continue to pressure price levels, yet longer-term optimism remains. Long-dated options have seen no major shift, underscoring the tactical nature of these moves.

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