Ethereum Options Skew Stays Call-Heavy Amid Rising Short-Term Hedging

Latest data show Ethereum options open interest at $3.564 billion with calls holding 57.35% of positions, confirming sustained year-end bullishness via large December $3,200 call clusters. Throughout June 30, however, 24-hour put volume climbed to 53.22% as traders paid up for near-term downside protection after the early-July 25-delta skew turned positive. The split reflects continued medium-term conviction alongside immediate caution driven by ETF flows, leverage, and rotating liquidity, with the most active short-dated flow concentrated around the $1,600 strike on Bybit July 1 expiries.