Options Positioning Reveals Bullish Bias With Call Walls Capping BTC and ETH Gains

Bitcoin and Ethereum options data on major exchanges suggest a bullish bias, with aggregate futures open interest (OI) near $30B–$35B for BTC and a large Deribit concentration for ETH. The Put/Call Ratio (OI) is at 0.6–0.68 for Bitcoin and 0.45–0.55 for Ethereum, implying a clear preference for higher strikes. The 24-hour volume ratio is below 1.0, suggesting a lack of aggressive protection buying around the $63,500–$64,000 consolidation area for BTC and similar ETH levels.

Option writing activity suggests a potential floor at $60,000–$62,000 for Bitcoin and $3,000–$3,150 for Ethereum, where put selling (buying spot) is expected to create demand. Meanwhile, call writing activity suggests immediate resistance at $68,000–$70,000 for BTC and $3,500–$3,600 for ETH, with potential upside targets at $75,000–$80,000+ for Bitcoin and $3,800–$4,000 for Ethereum. Max pain estimates suggest a potential catalyst near $64,000–$65,000 for BTC and $3,250–$3,350 for ETH.

The dealer gamma setup implies a range-bound scenario for both assets, as the heavy call OI suggests that market makers are long gamma between the put walls (BTC $60k, ETH $3.1k) and call walls (BTC $70k, ETH $3.6k). This dynamic suppresses volatility and encourages constructive sentiment, as aggressive short selling is offset by long gamma positioning.