The expiration of a substantial number of Ethereum options contracts, valued at approximately $1.94 billion, has introduced notable volatility into the market. With a put-to-call ratio of 0.43, the sentiment remains bullish, yet the expiration event has led to short-term price fluctuations as traders adjust their positions. Additionally, macroeconomic factors such as the upcoming U.S. Personal Consumption Expenditures (PCE) index report and labor market data are influencing market sentiment. Despite these pressures, Ethereum has experienced strong accumulation activity, with increased buying volume amid the current price dip, suggesting a bullish divergence and potential upward movement.
The Volatility Shares Trust 2x Ether ETF (ETHU) has responded to these dynamics, rising 3.81% to $7.08 as of 11:00 AM on Saturday, February 1.