Traders Load Up on Bitcoin and Ether Calls as Bullish Momentum Builds
Bitcoin and Ethereum are extending their gains in 2025, and options markets show traders are positioning for more upside.
Bitcoin (BTC) is up 29% year-to-date, while ether (ETH) has climbed 9%. On Deribit, the $140,000 BTC call is now the most popular contract, with $2.36 billion in notional open interest. Calls at $120,000 and $130,000 are also seeing strong demand. Meanwhile, the top put—at $100,000—holds just half that exposure, signaling a clear bullish skew.
ETH is showing a similar trend. The $4,000 call holds $650.8 million in open interest, with nearly $280 million more concentrated at the $6,000 strike, according to Amberdata. Derive reported that 25% of ETH’s recent options volume was focused on calls between $3,000 and $4,000 expiring July 25, while 8% of open interest for that expiry sits at the $4,000 level.
“This suggests growing conviction around a sustained ETH breakout,” said Dr. Sean Dawson, head of research at Derive.
The optimism follows renewed regulatory clarity. The GENIUS Act, recently passed in the U.S., establishes rules for stablecoins and is viewed as a boost for Ethereum-based finance. Analysts expect the legislation to shift institutional yield-seeking strategies toward ETH staking and restaking protocols.
“Institutional demand is likely to grow as yield-bearing tokens become clearer and more auditable,” said Republic Technologies CEO Daniel Liu. “That trend could drive higher Ethereum network activity and support ETH’s value as a treasury asset.”
With Bitcoin near all-time highs and Ethereum attracting renewed attention from both traders and institutions, options markets suggest the bullish momentum is far from over.
