Bitwise Ethereum ETF (ETHW)

ETHW trades at $32.43, 62.1% above the near-term max pain of $20 expiring Oct 17, 2025 (11 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($17-$31), signaling increased put positioning or downside protection. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for ETHW shows a downward trend from 31 to 17, indicating bearish sentiment or hedging activity. The 58% spread signals divergent expectations across timeframes. Most levels below 32.43 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.