Core Insights - Ethereum price is rebounding, up 3.9% over the last week, but faces significant pressure from derivatives as $6 billion in ETH options are set to expire [1] - The current market structure favors bearish positions unless ETH can reclaim key price levels quickly [1] Options Expiry Impact - More than $4.1 billion in call options are at risk of expiring worthless, indicating a potential loss for bullish traders [2] - Bears have positioned themselves with puts between $2,200 and $2,900, with a settlement in this range resulting in a $580 million win for puts [3] - A close between $2,901 and $3,000 still favors bears by $440 million, while bulls only gain an advantage above $3,100 [3] Price Dynamics - Ethereum has been trading around $3,000, with derivatives flows keeping the price within a narrow band [4] - If ETH holds above $2,950, over 60% of $1.9 billion in puts will expire worthless, reducing downside pressure [4] Market Sentiment - Traders are rolling exposure into late-2025 and 2026 expiries, indicating a cautious approach rather than aggressive short positions for the immediate week [5] - Macro factors, including weakness in US semiconductor manufacturing and reduced optimism in AI, are leading traders to adopt hedging strategies [6]

🚨 MARKET UPDATE:$22B IN BTC & ETH OPTIONS HAVE STARTED EXPIRING TODAY.EXPECT MARKET VOLATILITY 🔥 https://t.co/GGQFRorwxn ...