Traders are aggressively buying short-dated calls, showing confidence in Ethereum’s near-term upside potential.
- ETH Options market sees spike in short-dated calls as traders bet on breakout rally. Volatility and skew metrics point to rising bullish sentiment and speculative momentum.
Ethereum [ETH] is back in the spotlight as its Options market lights up with bullish activity.
Traders are piling into short-dated calls, betting big on a near-term rally as ETH breaks free from weeks of consolidation.
Key metrics suggest a surge in speculative appetite, pointing to a market increasingly confident in Ethereum’s upside potential.
Can this momentum carry ETH to fresh highs, or are traders getting ahead of themselves?
ETH volatility repricing shows bullish urgency
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ETH Options market is flashing signs of aggressive repositioning, particularly in the short end of the curve.
Over the past 48 hours, 1-week Implied Volatility surged from 65.2% to 79.0%, while 1-month IV climbed from 66.4% to 72.1%.
Source: Glassnode
This steepening of the volatility term structure suggests traders are rushing to gain upside exposure — or hedge against rapid price swings — as ETH breaks out of its consolidation range.
The demand spike for near-term Options shows rising conviction that a significant move is imminent, aligning with broader bullish sentiment surrounding ETF developments and macro influences.
Skew turns deeply negative as traders chase calls
Ethereum’s 25-delta options skew has flipped decisively bearish-for-puts, a sign of intensifying demand for call options.
Over the past 48 hours, the 1-week skew plunged from -2.4% to -7.0%, while the 1-month skew also dropped from -5.6% to -6.1%.
Source: Glassnode
This deepening negative skew reflects a sharp preference for short-dated calls over puts, a classic signal that traders are positioning aggressively for near-term upside.
Put/Call Ratios confirm speculative tilt
Bullish sentiment in ETH Options market is further validated by a persistent drop in both Open Interest and volume-based Put/Call Ratios.
Source: Glassnode
As of the 10th of June, the Open Interest ratio sat near cycle lows at 0.43. Likewise, the volume-based ratio slid to 0.63.
This indicates that traders are favoring calls over puts by a significant margin, consistent with rising demand for upside exposure.
This positioning complements the steepening volatility curve and deepening skew, showing a market bracing for a breakout.
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