Matrixport: Options No Longer Drive Price, Market Positions Turn Cautious

According to a ChainCatcher report, Matrixport released a chart today stating that over the past two years, the rising activity in Bitcoin and Ethereum options trading has been a key driver of market performance. However, recently, the impact of options on prices has clearly weakened. Ethereum options exposure peaked in August 2025, while Bitcoin options exposure reached its peak in October 2025. After these peaks, positions related to options in both markets have significantly declined, and ongoing deleveraging has further reduced the influence of options on spot price volatility. This shift reflects that some capital has slowed its short-term entry pace, with new position allocations becoming more selective. The notional value of Bitcoin options exposure has dropped from approximately $52 billion to about $28 billion. Although many traders are still expressing bullish expectations for future price movements by buying call options, Ethereum's position structure shows a different pattern: previously, long futures positions were often hedged with put options, and these hedging combinations are now being gradually unwound, with deleveraging continuing.