Ethereum Expiry Day: Billions in Play as AI Infrastructure Gains Traction

Ethereum CRYPTO000ETH

At 08:00 UTC today, Deribit witnessed roughly 215,000 Ethereum option contracts expiring, carrying a notional value of $410 million. The put-call ratio stood at 0.82, and the maximum-pain point — the price where most contracts would expire worthless — was pegged at $2,100. That threshold sits just above the current trading level, around $2,050.

When Bitcoin options expiry is included, total activity approaches $3 billion. Analysts at Greeks.live highlight a persistent tilt toward put options: Bitcoin alone accounts for puts valued at more than $1 billion, or about 37% of the overall volume. The data point to ongoing hedging demand from institutional traders.

Notably, Deribit analysts describe one of the most pronounced put-skew movements in years, following Ethereum’s recent dip below key support levels.

On-chain activity and large-holder positioning

Concurrent on-chain data show sizable whale movements. Approximately $660 million worth of Ethereum exited exchanges recently, while major holders were buying into the pullback, adding roughly $2 billion to their positions. This spot-market accumulation contrasts with a more cautious stance in the derivatives market, suggesting divergent expectations about short-term price direction.

AI agents on Ethereum: ERC-8004 takes shape

Beyond the derivatives arena, Ethereum is increasingly viewed as a backbone for artificial intelligence applications. The ERC-8004 standard, designed for AI agent identity and reputation, has registered almost 21,000 agents since the mainnet launch on January 29, 2026.

The standard was developed with contributions from the Ethereum Foundation, MetaMask, Google, and Coinbase. It enables AI agents to establish verifiable identities, build reputational histories, and interact across platforms without centralized intermediaries.

Vitalik Buterin, Ethereum’s co-founder, also supports a related proposal for stake-based identity systems to govern API usage by AI. The concept leverages zero-knowledge proofs and collateral-based credits to facilitate privacy-preserving API access. An AI lead at the Ethereum Foundation argues that Ethereum is moving toward a privacy-preserving infrastructure layer for AI and autonomous agents.

Layer-1 strategy and ENS shift

The ERC-8004 rollout comes as Ethereum’s ecosystem undergoes strategic recalibration. In early February, the Ethereum Name Service (ENS) abandoned its planned Namechain Layer-2 solution, opting to deploy ENSv2 exclusively on the mainnet. ENS founder Nick Johnson attributed the decision to notably lower gas costs on the base layer and a pivot in the scaling approach.

The move reflects rising confidence in Layer-1 capacity following the Fusaka upgrade in December 2025, which delivered PeerDAS and improved data availability.

What comes next?

The mix of a sizable options expiry, substantial whale accumulation, and rapidly advancing AI-centric use cases creates a nuanced market landscape. The maximum-pain point at $2,100 implies a modest price rebound would be welcome for many participants. However, persistently negative risk reversals in the derivatives market point to ongoing caution among traders. With today’s expiry behind us, near-term pressure from the options market is likely to ease.

@ boerse-global.de | CRYPTO000ETH ETHEREUM