Ethereum options show bullish open interest but rising short-term put demand signals cautious hedging.

Ethereum options open interest reached $6.38 billion, with calls making up 62.23%, indicating a bullish medium-term outlook. However, short-term trading volume is dominated by puts at 58.11%, reflecting traders' demand for downside protection and hedging against near-term volatility. This mix suggests investors maintain optimism for price gains while preparing for potential short-term pullbacks. Most trading occurs on offshore crypto exchanges, highlighting their role in price discovery despite some regulated market participation.