Matrixport: Options are no longer dominating price movements, and market positions are shifting to a cautious stance

Matrixport released a chart today stating that over the past two years, the increase in trading activity of Bitcoin and Ethereum options has been an important driving factor for market performance, but recently the impact of options on prices has significantly weakened.

Ethereum options exposure peaked in August 2025, while Bitcoin options exposure peaked in October 2025. Since then, the options-related positions in both markets have significantly declined, with deleveraging continuing to advance, and the impact of options on spot price fluctuations has also decreased. This change reflects that some funds have slowed their entry pace in the short term, and new positions are becoming more selective. The nominal Bitcoin options exposure has decreased from about $52 billion to approximately $28 billion.

Although many traders still express their bullish expectations for the market by buying call options, the holding structure of Ethereum shows different characteristics: previously, long futures positions were often hedged with put options, and this type of hedging combination is also being gradually unwound, with deleveraging still in progress.