Analysis: Options are no longer the dominant driver of cryptocurrency price movements, and market positioning has become more cautious.

Matrixport's chart analysis today indicates that the increased trading activity in Bitcoin and Ethereum options over the past two years has been a significant driver of market performance, but recently the impact of options on prices has weakened considerably. Ethereum option exposure peaked in August 2025, while Bitcoin option exposure peaked in October 2025. Since then, option-related positions in both markets have declined significantly, deleveraging has continued, and the impact of options on spot price volatility has decreased accordingly.