The options market seems to have taken on more bullish positions in the largest cohort of ether options open interest by expiration date, contracts for the end-of-April expiry. Some $3.3 billion of notional ether options set to expire, according to Deribit data, and roughly two-thirds of that amount have been placed on calls, or bullish bets on price. 

"Call strikes are clustered between $3,700 - $4,000, showing an upside bias and underlying bullish sentiment in the market," Wintermute OTC Trader Jake Ostrovskis told The Block.

The Wintermute analyst added that the current open interest skew shows calls trading at a premium to puts, while implied volatility has jumped over the weekend. "Taken together, this indicates more directional bias and less reliance on writing options to …