null Option on Grayscale Ethereum Trust
| ETHE Etf | USD 31.11 0.00 0.00% |
Grayscale Ethereum's latest option contracts expiring on October 17th 2025 are carrying combined implied volatility of 0.84 with a put-to-call open interest ratio of 0.11 over 67 outstanding agreements suggesting investors are buying way more calls than puts on contracts expiring on October 17th 2025. The total put volume is at 106, with calls trading at the volume of 4.9 K. This yields a 0.02 put-to-call volume ratio.
Open Interest Against October 17th 2025 Option Contracts
2025-10-17
The chart above shows Grayscale Ethereum's distribution of open interest by maturity on contracts that have not yet been settled. The area between the two highest points is the projection of the price at expiration. Grayscale Ethereum's open interest chart also provides vital information regarding the liquidity of an option. If there is no open interest for Grayscale Ethereum's option, there is no secondary market available for investors to trade.
Grayscale Ethereum Maximum Pain Price Across 2025-10-17 Option Contracts
Max pain usually refers to a trading concept that asserts that market manipulation can cause the market price of particular securities such as Grayscale Ethereum close to expiration to expire worthless. So, Max pain occurs when market makers reach a net positive position across all options at a strike price where option holders stand to lose the most money. By contrast, Grayscale Ethereum's option sellers may reap the most after selling more options than buying, causing them to expire worthless.
In The Money vs. Out of Money Option Contracts on Grayscale Ethereum
Analyzing Grayscale Ethereum's in-the-money options over time can help investors to take a profitable long position in Grayscale Ethereum regardless of its overall volatility. This is especially true when Grayscale Ethereum's options are deep in the money. These options can be identified using deltas that are over 0.75. Deep in-the-money Grayscale Ethereum's options could be used as guardians of the underlying stock as they move almost dollar for dollar with Grayscale Ethereum's stock while costing only a fraction of its price.
Grayscale Ethereum's stock options are financial instruments that give investors the right to buy or sell shares of Grayscale Ethereum Trust common stock at a specified price for a given time period. Generally speaking, an option to purchase or sell Grayscale stock makes it part of the underlying stock when the option's price is tied to the movement of the underlying stock. If Grayscale Ethereum's stock price goes up or down, the stock options follow.
Grayscale Ethereum Trust In The Money Call Balance
When Grayscale Ethereum's strike price is surpassing the current stock price, the option contract against Grayscale Ethereum Trust stock is said to be in the money. When it comes to buying Grayscale Ethereum's options that are 'In the Money' or 'Out of the Money', the choice depends on your outlook for the underlying security, financial situation, and what you are trying to achieve.
While 'out-of-the-money' option contracts written on Grayscale Ethereum Trust are typically viewed as the more aggressive, there are potential upsides to purchasing these types of options contracts. For one, the cost to buy an 'Out of the Money' option is lower than the cost to buy an 'In the Money' option. This cost-benefit is due to the fact that at the time of the purchase, 'Out of the Money' contracts have no intrinsic value. So, while the potential for a 100% loss is more significant, the cost and risk to enter the trade are lower.
Grayscale Current Options Market Mood
Grayscale Ethereum's open interest and total value indicators provide investors with the necessary information to digest the overall options buildup for its expiring contracts. In addition, it helps Grayscale Etf's traders understand whether a recent fall or rise in the market is unreasonable and if the time has come to take contrarian positions. These ratios are calculated based on options trading volumes and current open interest.
Put-to-Call Open Interest
Put-to-Call Volume
Unfortunately, most Grayscale Ethereum's options investors are not very successful. Grayscale Ethereum's option open interest and volume spread between outstanding puts and calls are regarded by many investors as reliable indicators of the overall future market direction.
Rule 16 of the current Grayscale contract
Base on the Rule 16, the options market is currently suggesting that Grayscale Ethereum Trust will have an average daily up or down price movement of about 0.0525% per day over the life of the 2025-10-17 option contract. With Grayscale Ethereum trading at USD 31.11, that is roughly USD 0.0163. If you think that the market is fully incorporating Grayscale Ethereum's daily price movement you should consider buying Grayscale Ethereum Trust options at the current volatility level of 0.84%. But if you have an opposite viewpoint you should avoid it and even consider selling them.
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Purchasing Grayscale Ethereum options can give investors a meaningful hedge against losses and, therefore, could be used conservatively to decrease the volatility of your portfolio. However, many options could also amount to little more than gambling, significantly enhancing your overall portfolio risk. One simple example of these aggressive strategies is the sale of "uncovered" Grayscale calls. Remember, the seller must deliver Grayscale Ethereum Trust stock to the call owner when a call is exercised.
Grayscale Ethereum Option Chain
When Grayscale Ethereum's strike price is surpassing the current stock price, the option contract against Grayscale Ethereum Trust stock is said to be in the money. When it comes to buying options that are ITM or OTM, the choice depends on your outlook for the underlying security, financial situation, and what you are trying to achieve.
Grayscale Ethereum's option chain is a display of a range of information that helps investors for ways to trade options on Grayscale. In general, an option chain provides a helpful tool for investors to see all available option contracts, both puts, and calls, for Grayscale. It also shows strike prices and maturity days for a Grayscale Ethereum against a given expiration period. The table below combines all the option information in the form of a chain but before you use it, remember that it entails significant risk and it is not for everyone. | Open Int | Strike Price | Current Spread | Last Price | |||
Call | ETHE251017C00042000 | 5 | 42.0 | 1.1 - 1.3 | 1.25 | Out |
Call | ETHE251017C00041000 | 0 | 41.0 | 1.2 - 1.4 | 1.42 | |
Call | ETHE251017C00040000 | 3 | 40.0 | 1.3 - 1.55 | 1.5 | Out |
Call | ETHE251017C00039000 | 0 | 39.0 | 1.45 - 1.65 | 1.63 | |
Call | ETHE251017C00038000 | 674 | 38.0 | 1.6 - 1.8 | 1.88 | Out |
Call | ETHE251017C00037000 | 59 | 37.0 | 1.8 - 2.0 | 1.35 | Out |
Call | ETHE251017C00036000 | 34 | 36.0 | 2.0 - 2.15 | 2.14 | Out |
Call | ETHE251017C00035000 | 1205 | 35.0 | 2.2 - 2.35 | 2.39 | Out |
Call | ETHE251017C00034000 | 163 | 34.0 | 2.45 - 2.6 | 2.55 | Out |
Call | ETHE251017C00033000 | 66 | 33.0 | 2.7 - 2.9 | 2.9 | Out |
Call | ETHE251017C00032000 | 210 | 32.0 | 3.0 - 3.2 | 3.1 | Out |
Call | ETHE251017C00031000 | 288 | 31.0 | 3.3 - 3.6 | 3.6 | Out |
Call | ETHE251017C00030000 | 2507 | 30.0 | 3.5 - 3.9 | 3.8 | Out |
Call | ETHE251017C00029000 | 1633 | 29.0 | 4.1 - 4.4 | 4.39 | In |
Call | ETHE251017C00028000 | 294 | 28.0 | 4.6 - 5.6 | 4.66 | In |
Call | ETHE251017C00027000 | 1298 | 27.0 | 5.2 - 5.9 | 5.2 | In |
Call | ETHE251017C00026000 | 866 | 26.0 | 5.5 - 5.9 | 5.85 | In |
Call | ETHE251017C00025000 | 1570 | 25.0 | 6.3 - 6.6 | 6.55 | In |
Call | ETHE251017C00024000 | 1602 | 24.0 | 7.0 - 7.8 | 7.17 | In |
Call | ETHE251017C00023000 | 1629 | 23.0 | 7.7 - 8.0 | 7.9 | In |
Call | ETHE251017C00022000 | 558 | 22.0 | 8.5 - 9.4 | 8.71 | In |
Call | ETHE251017C00021000 | 276 | 21.0 | 9.1 - 9.6 | 9.7 | In |
Call | ETHE251017C00020000 | 4126 | 20.0 | 10.1 - 10.6 | 10.57 | In |
Call | ETHE251017C00019000 | 143 | 19.0 | 10.3 - 12.3 | 11.25 | In |
Call | ETHE251017C00018000 | 381 | 18.0 | 11.4 - 12.3 | 10.57 | In |
Call | ETHE251017C00017000 | 133 | 17.0 | 12.8 - 14.0 | 13.2 | In |
Call | ETHE251017C00016000 | 241 | 16.0 | 13.3 - 14.0 | 14.09 | In |
Call | ETHE251017C00015000 | 131 | 15.0 | 14.7 - 15.7 | 6.1 | In |
Call | ETHE251017C00014000 | 140 | 14.0 | 15.6 - 15.9 | 15.86 | In |
Call | ETHE251017C00013000 | 7 | 13.0 | 15.8 - 17.0 | 7.1 | In |
Call | ETHE251017C00012000 | 215 | 12.0 | 17.6 - 17.8 | 16.45 | In |
Call | ETHE251017C00011000 | 4 | 11.0 | 17.7 - 18.9 | 17.7 | In |
Call | ETHE251017C00010000 | 61 | 10.0 | 18.7 - 19.8 | 20.8 | In |
Call | ETHE251017C00008000 | 4 | 8.0 | 20.5 - 21.8 | 14.9 | In |
Call | ETHE251017C00005000 | 2 | 5.0 | 24.3 - 25.3 | 24.3 | In |
Put | ETHE251017P00042000 | 0 | 42.0 | 13.3 - 13.6 | 13.3 | In |
Put | ETHE251017P00041000 | 0 | 41.0 | 12.4 - 12.7 | 12.4 | In |
Put | ETHE251017P00040000 | 0 | 40.0 | 11.5 - 11.8 | 11.5 | In |
Put | ETHE251017P00039000 | 0 | 39.0 | 10.7 - 11.3 | 10.7 | In |
Put | ETHE251017P00038000 | 40 | 38.0 | 9.8 - 10.2 | 9.8 | In |
Put | ETHE251017P00037000 | 0 | 37.0 | 9.0 - 9.3 | 9.0 | In |
Put | ETHE251017P00036000 | 1 | 36.0 | 8.2 - 8.8 | 9.18 | In |
Put | ETHE251017P00035000 | 0 | 35.0 | 7.4 - 7.7 | 7.4 | In |
Put | ETHE251017P00034000 | 4 | 34.0 | 6.7 - 7.6 | 7.94 | In |
Put | ETHE251017P00033000 | 50 | 33.0 | 5.9 - 6.2 | 6.95 | In |
Put | ETHE251017P00032000 | 20 | 32.0 | 5.2 - 6.0 | 8.55 | In |
Put | ETHE251017P00030000 | 30 | 30.0 | 3.9 - 4.8 | 4.7 | In |
Put | ETHE251017P00028000 | 4 | 28.0 | 2.9 - 3.1 | 5.3 | Out |
Put | ETHE251017P00027000 | 23 | 27.0 | 2.4 - 2.85 | 2.89 | Out |
Put | ETHE251017P00026000 | 17 | 26.0 | 2.0 - 2.2 | 2.11 | Out |
Put | ETHE251017P00025000 | 117 | 25.0 | 1.7 - 1.85 | 1.8 | Out |
Put | ETHE251017P00024000 | 11 | 24.0 | 1.35 - 1.55 | 1.76 | Out |
Put | ETHE251017P00023000 | 33 | 23.0 | 1.1 - 1.25 | 1.16 | Out |
Put | ETHE251017P00022000 | 182 | 22.0 | 0.85 - 1.1 | 0.85 | Out |
Put | ETHE251017P00021000 | 109 | 21.0 | 0.7 - 0.9 | 0.87 | Out |
Put | ETHE251017P00020000 | 444 | 20.0 | 0.55 - 0.75 | 0.55 | Out |
Put | ETHE251017P00019000 | 123 | 19.0 | 0.45 - 0.6 | 0.6 | Out |
Put | ETHE251017P00018000 | 202 | 18.0 | 0.35 - 0.45 | 0.4 | Out |
Put | ETHE251017P00017000 | 39 | 17.0 | 0.0 - 0.45 | 0.34 | Out |
Put | ETHE251017P00016000 | 34 | 16.0 | 0.2 - 0.45 | 0.3 | Out |
Put | ETHE251017P00015000 | 76 | 15.0 | 0.15 - 0.4 | 0.36 | Out |
Put | ETHE251017P00014000 | 88 | 14.0 | 0.1 - 0.35 | 0.3 | Out |
Put | ETHE251017P00013000 | 12 | 13.0 | 0.05 - 0.3 | 0.22 | Out |
Put | ETHE251017P00012000 | 503 | 12.0 | 0.0 - 0.3 | 0.2 | Out |
Put | ETHE251017P00011000 | 25 | 11.0 | 0.0 - 0.3 | 0.11 | Out |
Put | ETHE251017P00010000 | 1 | 10.0 | 0.0 - 0.45 | 0.21 | Out |
Put | ETHE251017P00009000 | 35 | 9.0 | 0.0 - 0.25 | 0.2 | Out |
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The market value of Grayscale Ethereum Trust is measured differently than its book value, which is the value of Grayscale that is recorded on the company's balance sheet. Investors also form their own opinion of Grayscale Ethereum's value that differs from its market value or its book value, called intrinsic value, which is Grayscale Ethereum's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Grayscale Ethereum's market value can be influenced by many factors that don't directly affect Grayscale Ethereum's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Grayscale Ethereum's value and its price as these two are different measures arrived at by different means. Investors typically determine if Grayscale Ethereum is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Grayscale Ethereum's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.