Open interest in Ether options is heavily concentrated on $5,000 calls for the end-of-June expiry, reflecting a bullish stance among traders. This optimism is evident in the active use of call spreads between the $4,000 and $5,000 price points, aiming to capitalize on potential price increases. The options market's put-call ratio further supports this bullish outlook, although some traders are adapting to possible downsides due to delays in the ether ETFs launch.