Ethereum Derivatives Traders Position for $4K Rebound

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is seeing a resurgence in interest from derivatives traders. As of November 9, at 10 a.m. Eastern time, Ethereum was trading at $3,521, marking a 3% increase for the day. Despite this positive movement, it remains 28% shy of its all-time high of $4,946. The derivatives market, however, tells a different story as open interest and trading volumes across futures and options exhibit a strong upward trend, hinting at a renewed market energy.

Futures Market Signals Institutional Interest

The Ethereum futures market showcases robust participation with a total open interest of approximately $40.11 billion, which equates to about 11.5 million ETH in exposure. Binance is leading with $8.15 billion in open interest, followed closely by CME at $7.57 billion—both reflecting significant institutional flows. Other notable exchanges like OKX and Bybit also show substantial figures with $2.35 billion and $2.86 billion, respectively, while Kucoin experienced a notable 20.2% surge in intraday open interest, driven by increased retail activity.

In the past 24 hours, open interest across exchanges rose by 2.52%, with particular gains noted in Binance and CME, each surpassing 3%. Meanwhile, exchanges like Gate and Bitget also recorded boosts, with Gate climbing by 10.43% and Bitget by 8%, underscoring aggressive short-term trading strategies in these venues. However, some platforms like MEXC and BingX saw significant outflows, dropping by 16.5% and 20.5%, respectively. This increase in open interest mirrors the broader enhancement in market sentiment as ETH futures exposure rebounds from previous lows noted in September.

Options Market Leans Bullish

The Ethereum options market is predominantly bullish, with calls making up 65.05% of the total open interest compared to 34.95% for puts. Overall, there are more than 2.1 million ETH in call options compared to 1.13 million in puts. This skew suggests traders are positioning themselves for potential upward trends or breakouts beyond $3,500. Daily options volume further supports this bullish perspective, with 58.15% in calls against 41.85% in puts. Deribit, the largest cryptocurrency options exchange, is witnessing high activity in call options with strike prices pegged at $4,000, $5,000, and $6,000 for December 2025.

The most traded contract over the past day was the ETH-28NOV25-4600-C, revealing a pronounced trader confidence in an increase in prices. Nevertheless, hedging remains on the table as Bybit’s ETH-27MAR26-500-P-USDT, a put option, saw significant activity with 3,824 ETH in volume. In summary, while futures traders are bolstering their exposure, options traders are optimistic, preparing for higher price movements as market volatility returns and liquidity sustains in the broader crypto market.

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