Analyst: Ethereum Options Open Interest Reaches Multi-Month High, Skewed Towards Bullish Options

Jag Kooner, the derivatives head at Bitfinex, has stated that Ethereum options open interest has reached a multi-month high, with a bias towards bullish options. In the past week, Ethereum options open interest has increased by over 300,000 contracts, bringing the total open interest for Ethereum options on the cryptocurrency derivatives exchange to a multi-month high of $9 billion. Kooner added that most traders have recently been directly bullish on Ethereum by purchasing individual call options, rather than participating in other offsetting "call spread" option positions. He stated, "The increase in open interest is primarily skewed towards call options, indicating that we have a lot of naked longs, meaning traders are buying call options outright at a faster pace than the call spread we saw earlier this month."