Matrixport released a chart today stating that the increased trading activity in Bitcoin and Ethereum options over the past two years has been a significant driver of market performance, but recently the impact of options on prices has weakened considerably. Ethereum options exposure peaked in August 2025, while Bitcoin options exposure peaked in October 2025. Since then, option-related positions in both markets have declined significantly, deleveraging has continued, and the impact of options on spot price volatility has decreased accordingly. This change reflects that some funds have slowed their entry pace in the short term, and new position allocations are becoming more selective. Bitcoin notional options exposure has decreased from approximately $52 billion to approximately $28 billion. Although many traders still express their expectation of further upward movement by buying call options, Ethereum's position structure shows different characteristics: previously, long futures positions were often hedged with put options, but these hedging combinations are now being gradually unwound, indicating that deleveraging is still underway.