Big Bets on Bitcoin and Ethereum Signal Building Bullish Momentum

Bitcoin and ether have seen strong gains in 2025, rising 29% and 9% respectively, and options market activity suggests traders expect further upside for both assets.

Data from Deribit, the world’s largest crypto options exchange, shows the $140,000 strike call for bitcoin now leads with $2.36 billion in notional open interest—making it the most crowded bullish bet on the platform. Open interest at the $120,000 and $130,000 levels is also substantial.

In comparison, the most popular bitcoin put—the $100,000 strike—has half the open interest of the $140K call, highlighting a clear skew toward bullish sentiment.

Ether is showing a similar trend. Amberdata reports that the $4,000 call holds the highest open interest for ETH, with $650.8 million in notional value, followed by $280 million at the $6,000 strike—both levels reflecting investor expectations of continued upside.

Options calls give traders the right, but not the obligation, to buy at a set price before expiry, and are typically used to express a bullish view.

Activity on decentralized derivatives platforms reinforces the bullish case for ether. According to exchange Derive, 25% of ETH trading volume over the past 24 hours was concentrated in call options between $3,000 and $4,000, expiring July 25. Additionally, 8% of July 25 open interest is locked in the $4,000 strike.

“This positioning signals strong consensus around a rapid breakout,” said Dr. Sean Dawson, head of research at Derive. “It also reflects growing interest in leveraged long exposure as ETH momentum builds.”

Much of the optimism around ETH appears to be driven by regulatory tailwinds—particularly the recent passage of the GENIUS Act in the U.S., which imposes tighter rules on yield-bearing stablecoins while creating clarity for Ethereum-native staking protocols.

“In a post-GENIUS world, we expect treasuries to shift toward ETH staking and compliant restaking products,” said Daniel Liu, CEO of Republic Technologies. “Yield-bearing tokens will evolve into auditable, on-chain financial instruments, free from the regulatory baggage of traditional stablecoins.”

According to Liu, this could translate into higher activity on Ethereum, increasing network fees and reinforcing ETH’s value proposition for institutional portfolios.

As bullish flows mount and regulatory clarity grows, both bitcoin and ether are positioning for what could be a strong second half of the year.