How far can Ethereum's rebound go? Insights from options structure and on-chain data

【Crypto World】The recent two to three weeks’ rebound of Ethereum has indeed attracted attention. From a technical perspective, this market trend shows certain potential for sustainability—improving technical signals are being supported by more active on-chain data, indicating that the market is gradually digesting the previous bearish atmosphere.

However, there’s an interesting detail worth noting: a seemingly contradictory but actually meaningful phenomenon has emerged in the current market—ETH call options are being heavily sold, while at the same time, spot buying continues. What does this combination reveal?

From a risk-taking perspective, this suggests that participants are acting more in a disciplined manner rather than engaging in excessive speculation. On one hand, they are locking in some risks; on the other hand, they are deploying in the spot market. This structure provides room for steady upward movement while also allowing profits through volatility.

Most importantly, this round of buying is mainly driven by spot demand rather than leverage operations. This difference is significant—it means the rebound is more solidly founded and likely to be more durable. In other words, this doesn’t resemble short-term speculation but rather market participants making genuine asset allocations.