Matrixport: Options No Longer Dominate Price Trends, Market Positions Turn Cautious

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.