Despite more than $19 billion in liquidations during last Friday's crypto crash, options traders remain broadly bullish. Option positioning across both Bitcoin (BTC) and Ether (ETH) is still tilted toward calls, with the biggest open interest clusters sitting at $140,000 for BTC and $6,500 for ETH, mostly tied to October and December 2025 expiries. The positioning suggests traders still expect both assets to trade much higher once the market stabilizes.
Options Traders Stay Bullish Despite Record Liquidations
15 October 2025 - 17:49 CEST
Bitcoin: bullish but controlled
Bitcoin’s options market remains firmly bullish, though traders are staying measured. Total open interest, the total number of active contracts, sits around 424,000 contracts ($47.7 billion), dominated by calls (bets on higher prices), according to Deribit data. The put/call ratio of 0.66 (a low figure that signals call dominance) confirms traders remain positioned for upside. The heaviest activity sits between $120,000 and $160,000, with a major peak at $140,000, representing roughly $2.3 billion in notional exposure.
On the volatility side, Bitcoin’s term structure, how implied volatility changes over time, slopes upward, a setup known as contango. That suggests traders expect a quiet short-term environment but larger moves later, a hallmark of steady confidence rather than fear.
Short-term implied volatility (IV) sits near 40%, broadly in line with realized volatility around 48%, meaning traders aren’t overpaying for protection. Even after the 10 Oct crash briefly sent short-dated IV to 74%, the market quickly normalized, underscoring its resilience.
Bitcoin’s options market is bullish but disciplined. The upward-sloping vol curve, meaning longer-dated options trade at higher implied volatility than near-dated ones, and call-heavy positioning reflects confidence without excess leverage or panic hedging.
Ether: cautious now, confident later
Ether’s options market tells a more nuanced story, cautious in the short term, but remains optimistic for 2025 and beyond.
According to Deribit data, total open interest is about 2.68 million contracts ($11.1 billion). The largest put clusters sit between $3,000 and $4,000, while calls are concentrated between $5,000 and $7,000. The put/call ratio of 0.55 signals bullish bias but slightly more hedging than Bitcoin.
Unlike Bitcoin, Ether's term structure is slightly downward-sloping (backwardation), meaning short-term implied volatility is higher than long-term. That reflects a market on alert for near-term catalysts or turbulence before year-end. Short-term IV hovers around 70%, elevated after the recent crash, while longer maturities show volatility gradually normalizing into 2026, signaling confidence that current uncertainty will fade.
The 25-delta skew, which measures the market sentiment toward upside vs. downside risk, is more negative than Bitcoin’s, showing stronger demand for downside protection. Traders are paying more for near-term insurance while keeping upside bets for later.
In short: Ether’s options market is cautious now but confident later. Traders are hedging around $3,000–$4,000 but still building upside exposure beyond $6,000, reflecting short-term nerves and long-term faith in recovery.
Bottom Line
Bitcoin’s options market prices in stability with upside; Ether’s prices in volatility with recovery. The contrast captures today’s post-liquidation mood: steady confidence in Bitcoin, measured optimism in Ether and a crypto options market still leaning bullish despite the storm.
