Ethereum (ETH) options open interest has surged to $13.75 billion, marking the highest level year-to-date and approaching the all-time high of $14.6 billion recorded in March 2024. This increase reflects elevated derivatives positioning amid a recent price rally, with ETH prices surpassing $4,300. Overall open interest in ETH derivatives has reached a record $30 billion for options alone and $58 billion across all derivatives, growing by $11 billion (24%) in the past week. Concurrently, Bitcoin (BTC) open interest on Binance hit a new all-time high of $15.68 billion. Analysts note that the elevated open interest in both BTC and ETH options indicates cautious market positioning ahead of upcoming U.S. Consumer Price Index (CPI) data. Additionally, profit-taking activity has intensified, with a seven-day average profit realization of $771 million per day in July, driven primarily by short-term holders cashing in more than long-term investors.