FIDELITY ETHEREUM FUND (FETH)

The total Delta Exposure (DEX) for FETH across all expirations shows 408,509.2 net shares that market makers must hedge, with 442,780.73 from calls and 34,271.53 from puts. The put-call delta ratio of 0.08 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Sep 19, 25 with 186,368.92 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.