Ethereum (ETH) options positioning is sending a mixed message: overall exposure continues to build in favor of upside over the medium to long term, while fresh trading activity is leaning more defensive, with traders favoring puts over the past day. As of Thursday 01:00 UTC, data compiled by Coinglass showed total Ethereum options 'open interest' (OI) at $9.37 billion, up about 0.97% from $9.28 billion a day earlier.