Ether options open interest for end of April expiry indicates a bullish sentiment in the market, an analyst said.
The options market seems to have taken on more bullish positions in the largest cohort of ether options open interest by expiration date, contracts for the end-of-April expiry. Some $3.3 billion of notional ether options set to expire, according to Deribit data, and roughly two-thirds of that amount have been placed on calls, or bullish bets on price.
The Wintermute analyst added that the current open interest skew shows calls trading at a premium to puts, while implied volatility has jumped over the weekend. "Taken together, this indicates more directional bias and less reliance on writing options to finance premiums," Ostrovskis added.According to Deribit data, the ether put-call ratio for the end of April expiry is currently 0.
A put-call options ratio below one indicates that the call volume exceeds the put volume, signifying bullish sentiment in the market. It is assumed that a trader who buys call options is implicitly bullish on the market, while a put buyer is bearish. However, Ostrovskis added that the perceived negative impacts of regulatory changes on ether are still an overhang for the digital asset.
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