On October 19, 2026, Ethereum options markets displayed a distinct downside skew, as traders prioritized near-term protection. Short-dated put options traded at a premium compared to calls, reflecting market concerns regarding potential price declines.
Data from Block Scholes indicates that seven-day Ethereum puts carried an implied volatility premium of up to 8 percentage points over calls. The 1-week 25-delta skew reached +7.4 vol points, while the 30-day 25-delta skew was recorded at +3.1 vol points.
Ethereum has declined by approximately 8% over the past month, while Bitcoin gained 1.5%. Bitcoin currently trades within a range of $80,000 to $84,000, whereas Ethereum spot prices are hovering near $2,400.
Total open interest for Ethereum options stands at approximately $6.09 billion. Calls account for roughly 63% of this interest, with puts making up 37%. The current call wall is at $2,600, and the put wall is at $2,300.
