Ethereum traders are rebuilding their bullish exposure to the second-largest cryptocurrency, with derivatives markets showing renewed demand for upside bets.
According to Crypto Slates According to data, ETH is up about 11% this month thanks to a four-week gain streak, the longest in almost a year.
This uptrend pushed ETH to around $2330, its highest price level since February, and puts it on track for its first consecutive monthly advance since July and August 2025.
As a result, ETH’s price performance has shifted market attention back to the $3,000 level, after months of weaker relative performance against Bitcoin.
Trading position in Ethereum options at $3,200
Deribit, the largest crypto options platform, has become the clearest expression of the renewed upward trading.
Facts from the trading platform show that open interest in ETH call options has built around the $3,200 strike, with over $322 million in contracts outstanding. The $2,500 exercise option follows closely behind with approximately $320 million in open interest.
Call options give traders the right to purchase assets at a fixed price. They typically gain value as the underlying token gets closer to staking.
In the case of ETH, the concentration around $2,500 and $3,200 shows traders are once again positioning themselves for a move outside the current recovery range.
Meanwhile, the large open interest does not mean that every position is an immediate bullish bet. Options activities can include hedging, spread trades, volatility strategies and exposure to market makers.
ETH ETF flows record the longest inflow streak this year
US Ethereum Exchange-Traded Funds (ETFs) recently provided one of the strongest demand signals ahead of the rally, which subsequently stalled.
Data from SoSo Value shows that the ten funds raised more than $633 million during a 10-day inflow series that started on April 9 and ended on April 22. This is their longest inflow series this year and the longest since June 2025.
However, the current inflow streak ended on April 23, when the funds recorded net outflows of $75.94 million, marking their first negative session since early April.
Still, the inflows help support the view that regulated investors are returning to Ethereum exposure after months in which Bitcoin attracted the larger institutional bid. ETF flows are closely watched because they reflect demand through spot products rather than leveraged positions on derivatives platforms.
Alphractal facts confirmed the trend, pointing out that the Ethereum Smart Money Flow Index, a proprietary measure of institutional activity in ETH, has also been showing a positive divergence from the price for several weeks.
This suggests that demand for funds had improved before the recovery became more visible in spot prices.
The latest outflow tempers this reading, however, as it shows that Ethereum has not yet shown the same ETF-led consistency that has supported Bitcoin during stronger rallies.
For ETH, the money flow picture is improving, but it has not yet become strong enough to support the market on its own.
Buyers are gradually returning to the market
Apart from the continued inflows from the ETFs, Binance’s order flow data also points to a gradual improvement in demand rather than aggressive accumulation.
CryptoQuant’s facts show that the exchange’s Cumulative Volume Delta (CVD) recently registered a positive value of approximately 48,400. CVD tracks the net difference between buying and selling volume. A positive result means that the buy orders outweigh the sell orders.
This suggests that ETH is rising not just because of increased speculative leverage, but because buyers have returned to the market, which has helped stabilize the token after previous declines.
Meanwhile, the relationship between ETH price and order flow has also strengthened. The correlation coefficient was 0.66, indicating a fairly strong relationship between purchasing activity and price movements.
However, the signal remains measured because ETH is still trading below previous highs, and the CVD value is not showing the kind of strong spot accumulation usually associated with a confirmed breakout. Instead, it points to a rebalancing phase after a weaker stretch.
That leaves a continued ETH uptrend, depending on whether the improvement in order flow continues.
A stronger CVD value would support the argument that spot buyers validate the movement shown in options and ETFs. A stall would leave the rally more exposed to speculative positioning.
ETH’s influence is increasing
Despite these bullish metrics, CryptoQuant data from Binance shows the main source of risk behind the ETH rally.
The stock market’s leverage ratio has risen above the price for the first time in months. When leverage increases faster than spot market price gains, it indicates that traders are adding borrowed exposure faster than investors are purchasing the token directly.
That pattern can occur during an early recovery, when traders try to position themselves ahead of a breakout before spot flows fully confirm the move.
In particular, this can support quick gains while market conditions remain favorable. It can also increase the risk of forced selling if the price reverses.
However, leveraged positions are more sensitive to movements against them. If ETH fails to maintain recent gains, long positions could be liquidated, increasing selling pressure.
This leverage signal is accompanied by a more constructive set of indicators. Ethereum has posted four consecutive weekly gains, Deribit traders are aiming for higher strikes, ETFs recently recorded a 10-day inflow streak, and CVD shows that buy orders are outweighing sell orders.
The risk, however, is that those signals do not move at the same speed.
This is because ETH’s move towards $3,200 should narrow these gaps. Spot buyers should continue to absorb supply, ETF flows should stabilize, and leverage should stop rising faster than the price.
Without that confirmation, the same derivative exposure that supports the recovery could magnify losses during a failed breakout.