🎯 Ethereum Degens Bet Big on 6K Calls for December 2025

ETH traders are piling into long-term calls, turning the options market into a casino for 6K+ bets. Open interest has hit record highs — but with 190M liquidations in 24 hours, leverage cuts both ways.

⚡ Quick Hits

• 📈 ETH futures OI: 60B+ — doubled since summer
• 🎰 Options tilt: 66% calls vs 34% puts
• 🔥 Top strike: 6K December 2025 calls (86,431 ETH)
• 💀 Liquidations: 190M in 24 hrs (89% longs wrecked)
• 💵 Spot ETH: 4,288 (down from 4,900 peak)

📊 Futures Frenzy

Ethereum futures open interest is going parabolic:

• CME: 2.12M ETH (15% of market, institution-heavy)
• Binance: 2.72M ETH (20%, retail + offshore whales)
• Bybit: 1.19M ETH
• OKX: 854K ETH

That’s over 60B in futures bets live right now, up from 30B this summer. Translation: traders are juicing leverage into year-end.

🎲 Options Degens Lock In 2025 Bets

The real story? The options market.

• Biggest pile-up at December 2025 6K calls (86,431 ETH contracts)
• Other hot zones: 4K, 5K, 7K strikes
• Total OI skew: 66% calls / 34% puts → clearly bullish bias

But zoom in short-term? 24h volume = 51% calls / 49% puts. Traders are hedging near-term pain while loading up on long-term upside.

💀 Leverage: Blessing and Curse

ETH isn’t just pumping paper gains — it’s also liquidating traders at scale:

• 190M wiped in 24 hrs
• Longs crushed: 169M
• Shorts: 21.8M

This means:

1. Overleveraged bulls keep feeding the meat grinder.
2. Each liquidation flush = potential reset for a cleaner rebound.

🌍 Bigger Picture

Why this matters:

• Institutional flow is real → CME’s share keeps climbing.
• Retail still reckless → Binance + Bybit are leverage playgrounds.
• 6K ETH by Dec 2025? The market’s already placing chips there.

Ethereum options now look more like Wall Street macro bets than degen YOLOs. And if institutions are serious, ETH could ride this wave into 2026 as the go-to smart contract treasury asset.

✍️ TL;DR

ETH traders are loading up on December 2025 6K calls, pushing options open interest to record highs. Futures OI just topped 60B, but 190M in liquidations shows leverage is brutal. Institutions on CME + whales on Binance are shaping ETH’s next moves. The big question: is 6K ETH by 2025 crazy — or already priced in?