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 options market reflects a bullish sentiment, yet the expiration event has led to short-term price fluctuations as traders adjust their positions. Despite the generally positive outlook, Ethereum's price has faced downward pressure, declining by 1.87% to $3,237.29. This decline follows an earlier peak of $3,327.41, highlighting the market's turbulent response to the options expiration.
The Volatility Shares Trust 2x Ether ETF (ETHU) has responded to these market dynamics, rising 3.81% to $7.08 as of 10:00 AM on Saturday, February 1.