**[Analysis: Options No Longer Dominate Cryptocurrency Price Trends, Market Positions Turn Cautious]** Matrixport analyzed in today's chart that over the past two years, the rise in trading activity for Bitcoin and Ethereum options has been a key driver of market performance. However, recently, the influence of options on prices has significantly weakened. Ethereum options exposure peaked in August 2025, while Bitcoin options exposure peaked in October 2025. Since then, options-related positions in both markets have declined significantly, with ongoing deleveraging, leading to a reduced impact of options on spot price fluctuations. This shift reflects a slowdown in the pace of short-term capital entering the market, with new positions leaning more toward selective allocation. Bitcoin's nominal options exposure has dropped from approximately $52 billion to around $28 billion. Although many traders still express bullish expectations for the market by purchasing call options, Ethereum's position structure shows a different pattern: previously, long futures positions were often paired with put options for hedging, but these hedging combinations are now being gradually unwound, with deleveraging still underway.