Matrixport: Options no longer dominate price movements, market positions shift towards caution

CoinVoice · 2026-01-14T08:01:45+00:00

The report released by Matrixport shows that the trading activity of Bitcoin and Ethereum options has driven market performance over the past two years, but its recent impact on prices has weakened. Option exposure has significantly declined, deleveraging continues, and investors are entering the market at a slower pace with more selective allocations.

CoinVoice

2026-01-14 08:01:45

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CoinVoice has learned that Matrixport released a chart today indicating that over the past two years, the increase in Bitcoin and Ethereum options trading activity has been a key driver of market performance. However, recently, the impact of options on prices has noticeably weakened. Ethereum options exposure peaked in August 2025, while Bitcoin options exposure reached its peak in October 2025. Since then, options-related positions in both markets have significantly declined, with deleveraging continuing to push forward, and the influence of options on spot price volatility has also decreased. This change reflects that some funds have slowed their short-term entry pace, and new positions are becoming more selective. The nominal Bitcoin options exposure has decreased from approximately $52 billion to about $28 billion. Although many traders still express bullish expectations by buying call options, Ethereum’s position structure shows different characteristics: previously, long futures positions were often hedged with put options, but now such hedge combinations are gradually being unwound, and deleveraging is still ongoing.

BTC1,94%

ETH1,88%

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