The impact of options weakens, and cryptocurrency market positions shift towards caution

Matrixport analysis points out that the trading activity of Bitcoin and Ethereum options has significantly driven market performance in the past two years, but recently the impact of options on prices has significantly weakened. Ethereum option exposure peaked in August 2025, while Bitcoin option exposure reached its peak in October 2025. After that, both positions significantly declined, deleveraging continued to advance, and the impact of options on spot price fluctuations decreased. The nominal option exposure of Bitcoin has decreased from approximately $52 billion to approximately $28 billion, while the change in Ethereum's position structure indicates that the combination of long futures positions and put option hedging is being released.