Ethereum options traders are signaling markedly more bullish conviction than Bitcoin counterparts. Call-heavy positioning and large open interest at high strikes reflect strong upside expectations despite mixed short-term futures signals. Despite negative perpetual funding for Ether, options expiries on December 5, 2025, will test whether this conviction translates into price action.
Ethereum Options Signal Stronger Bullish Bias Than Bitcoin
Options metrics show a clear divergence between Ethereum and Bitcoin. Put/call ratio (PCR) measures the volume of puts versus calls; a PCR below 1 indicates more call buying and a bullish tilt. For Ethereum, reported PCRs have clustered at lower levels — with examples at 0.78, 0.70 and 0.48 — while Bitcoin’s PCRs have shown higher or mixed readings such as 0.91, 1.01 and 1.23. These readings indicate that Ethereum traders are expressing stronger directional confidence than their Bitcoin counterparts.
Max pain positioning has often favored higher Ether prices into expiry. Max pain represents the strike where the largest number of options expire worthless and can influence price behavior around expiration. Ethereum’s max pain levels have frequently been above spot prices, with examples of spot near $3,052 and max pain at $3,400 or even $4,500. For the December 5, 2025 expiry, ETH max pain was reported at $3,050 while Bitcoin’s stood at $91,000 versus a $92,279 spot price.
Open interest concentrations further underscore the bullish Ether tilt versus defensive Bitcoin hedging. The largest cited Ether option is a $6,500 call on Deribit with over $380 million in open interest. By contrast, Bitcoin open interest has included large defensive $80,000 put positions totaling roughly $2 billion, pointing to heavier downside protection.
The perpetual futures market presents a contrasting short-term signal. Ether funding rates have frequently been negative, meaning shorts pay longs, while Bitcoin funding has remained neutral to slightly positive. This split suggests that futures traders are more cautious in the near term while options traders express a more structural bullish view.
Fundamentals and ecosystem utility are cited as longer-term drivers behind Ether optimism. Major protocol transitions such as the Merge and subsequent scaling upgrades have strengthened Ethereum’s utility narrative. Ethereum’s dominant role across DeFi, NFTs and dApps creates recurring demand for ETH through gas usage, staking and collateral functions.
Institutional product flows have reinforced the bullish signal. One-week ETH ETF inflows were reported near $900 million, with net inflows highlighted at approximately $1.4 billion, outpacing Bitcoin products. These inflows expand institutional access and may support sustained demand for longer-dated call exposure.
The divergence between options and futures introduces risk considerations for traders and treasuries. Concentrated call positioning can amplify price moves into expiry, yet negative funding reflects near-term caution. High open interest at distant strikes represents a directional bet rather than a guaranteed price outcome.
Options data show a distinct bullish tilt among Ethereum derivatives traders relative to Bitcoin, supported by concentrated call interest and institutional flows but tempered by short-term futures pressure. The December 5, 2025 expiry now stands as a key test of whether conviction converts into sustained price strength.