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Ethereum Options Skew Shifts from Put Premium to Calls

Article Amberdata research
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Summary

This market recap reviews crypto options conditions after an early-month rally, focusing on realized and implied volatility, term structure, skew, trading flows, and dealer gamma. It reports higher realized volatility in BTC and ETH, stronger demand for short-dated options, and a shift in longer-dated ETH skew from put premium toward call premium. BTC skew also moved toward calls across much of the curve, though weekly options retained a small put premium. The recap connects the change to optimism around futures ETFs and a more bullish longer-term view of ETH.

Reported flows include increased options volume, call buying followed by call selling in ETH, and rolling activity in BTC calls. Dealer positioning was described as near neutral after quarterly expiry, with specific strike exposures noted for both assets. These are observations from one market update, not a tested trading strategy or evidence that the skew shift will persist. The proposed link between ETF optimism and more stable ETH call skew is the author's expectation, and the commentary provides no performance analysis or independent validation.

Key ideas

  • The recap attributes a rise in realized volatility to renewed market activity around futures ETF optimism.
  • Longer-dated BTC and ETH skew shifted toward call premium, while near-term expiries retained some put premium.
  • ETH options activity included initial call buying followed by call selling as volatility rose.
  • Dealer gamma exposure changed after quarterly expiry, leaving positioning closer to neutral overall.
  • The suggested persistence of ETH call skew is a market outlook, not a demonstrated result.

Tags

CryptoOptionsVolatilityDerivatives pricingMarket microstructure

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.