Deribit Exchange Data Reveals Growing Risk Aversion as Ethereum Faces Bearish Pressure
Ether's price slid to $1,800 this week, erasing $224 million in Leveraged long positions within 48 hours. Options markets turned defensive, with put-to-call volume ratios hitting 2.2x—a clear signal traders are hedging against further downside.
Network metrics compound the bearish sentiment. Ethereum's total value locked (TVL) slumped to $51 billion, its lowest since May 2025, while ETF outflows reached $405 million since mid-February. The selloff coincides with ethereum co-founder Vitalik Buterin liquidating 3,788 ETH ($7.3 million) over three days.
Market structure appears fragile. Deribit data shows put options trading at an 18% premium to calls, reflecting growing risk aversion. Ether now trades 63% below its all-time high with no visible institutional bid to stabilize prices.
