Ethereum (ETH) has shown significant traction in its derivatives market, particularly in the domain of options trading. 

According to the latest data from QCP, the risk reversals for ETH's front date expiries have turned negative. 

Are Ethereum investors getting cold feet? 

This change suggests a growing concern among investors regarding the potential for a decrease in Ethereum's spot price. 

Risk reversal, a metric used to gauge market sentiment, measures the difference in implied volatility between call and put options. 

A negative figure indicates a market consensus leaning towards a future decrease in the underlying asset's value. There is heightened demand for put options as investors seek to hedge against potential losses.

Put options provide a way for investors to hedge against or speculate on the decline of an asset's price. If the market price of the underlying asset falls below the strike price, the holder can exercise the option to sell at the higher strike price

Ethereum's current standing 

Over the recent period, there has been a 15.42% increase in trading volume, reaching $47.85 billion, alongside a modest 2.92% rise in open interest, amounting to $13.99 billion. 

However, the options market has experienced a sharp decline in volume by 51.55%, settling at $320.63 million, according to CoinGlass data. 

At the same time, options open interest saw a slight increase of 1.63% to $6.38 billion. 

The current Ethereum price stands at $4,046, with fluctuations within a 24-hour range of $3,863 to $4,073.