The market witnessed an overall decline of 2.79% over the past 24 hours, although Gate.io and Bitget posted gains of 1.17% and 0.86% respectively. The CME Group and Binance lead the futures market. CME accounted for $3.19 billion (market share 9.64%), while Binance maintained the largest position at $6.26 billion (18.9%). The open interest to volume ratio stands at 0.6366, indicating moderate trading activity for the outstanding contracts. Most platforms registered a decline in OI, with KuCoin down 17.37% and OKX down 6.27%. In trading options, which provide rights to buy (calls) or sell (puts) ETH at specified prices, open interest favors calls. These represent 65.87% of all open options contracts (1,717,477 ETH), indicating bullish long-term expectations. Notable contracts include the call for December 25, 2025, $ 6,000 and the call for July 25, 2025, $ 3000. However, the trading volume of options over the past 24 hours revealed stronger put activity. They represent 55.58% of the volume (527,705 ETH traded), indicating near-term positioning or bearish positioning. This divergence between open interest and trading volume creates market tension. The most actively traded contracts were shown to expire soon, such as the call for July 25, 2025, $ 3,000 and December 25, 2025, $ 4000. Futures data indicates a large market despite a slight contraction. (Calls 6000 #OneBigBeautifulBill