Ethereum options open interest turned bullish this week, while Bitcoin positions trended toward balance.

Coinbase Markets data shows that the options expiration structure for Bitcoin and Ethereum this week has shifted compared to last Friday. The notional value of Bitcoin options open interest is approximately $1.73 billion, with a max pain level of $77,500. The put/call open interest ratio increased from 0.61 to 0.78, indicating a more balanced position distribution, though it remains predominantly skewed toward calls. Ethereum options open interest has a notional value of roughly $362 million, with a max pain of $2,500. The shift in its positions is more pronounced: last Friday, put open interest exceeded call open interest, but this week witnessed a reversal, with call open interest now more than double that of puts, pushing the put/call ratio down to 0.49.