diff --git a/Cargo.lock b/Cargo.lock
index e8971fb9a5..eedd16e6a6 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1430,7 +1430,7 @@ dependencies = [
  "bitflags 2.11.0",
  "cexpr",
  "clang-sys",
- "itertools 0.10.5",
+ "itertools 0.13.0",
  "proc-macro2",
  "quote",
  "regex",
@@ -2165,7 +2165,7 @@ version = "3.1.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "faf9468729b8cbcea668e36183cb69d317348c2e08e994829fb56ebfdfbaac34"
 dependencies = [
- "windows-sys 0.48.0",
+ "windows-sys 0.61.1",
 ]
 
 [[package]]
@@ -2865,7 +2865,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "8d162beedaa69905488a8da94f5ac3edb4dd4788b732fadb7bd120b2625c1976"
 dependencies = [
  "data-encoding",
- "syn 1.0.109",
+ "syn 2.0.117",
 ]
 
 [[package]]
@@ -4580,7 +4580,7 @@ dependencies = [
  "hyper",
  "libc",
  "pin-project-lite",
- "socket2 0.5.10",
+ "socket2 0.6.3",
  "tokio",
  "tower-service",
  "tracing",
@@ -5328,7 +5328,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "07033963ba89ebaf1584d767badaa2e8fcec21aedea6b8c0346d487d49c28667"
 dependencies = [
  "cfg-if",
- "windows-targets 0.48.5",
+ "windows-targets 0.53.3",
 ]
 
 [[package]]
@@ -7261,6 +7261,19 @@ dependencies = [
  "tracing",
 ]
 
+[[package]]
+name = "opentelemetry"
+version = "0.32.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "b0142c63252a9e054e68a4c61a5778f7b14f576274d593f8ce883d191a099682"
+dependencies = [
+ "futures-core",
+ "futures-sink",
+ "js-sys",
+ "pin-project-lite",
+ "thiserror 2.0.18",
+]
+
 [[package]]
 name = "opentelemetry-http"
 version = "0.31.0"
@@ -8196,7 +8209,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "ac6c3320f9abac597dcbc668774ef006702672474aad53c6d596b62e487b40b1"
 dependencies = [
  "heck 0.5.0",
- "itertools 0.10.5",
+ "itertools 0.14.0",
  "log",
  "multimap",
  "once_cell",
@@ -8216,7 +8229,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "8a56d757972c98b346a9b766e3f02746cde6dd1cd1d1d563472929fdd74bec4d"
 dependencies = [
  "anyhow",
- "itertools 0.10.5",
+ "itertools 0.14.0",
  "proc-macro2",
  "quote",
  "syn 2.0.117",
@@ -8229,7 +8242,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "27c6023962132f4b30eb4c172c91ce92d933da334c59c23cddee82358ddafb0b"
 dependencies = [
  "anyhow",
- "itertools 0.10.5",
+ "itertools 0.14.0",
  "proc-macro2",
  "quote",
  "syn 2.0.117",
@@ -9084,7 +9097,7 @@ dependencies = [
  "errno",
  "libc",
  "linux-raw-sys",
- "windows-sys 0.59.0",
+ "windows-sys 0.61.1",
 ]
 
 [[package]]
@@ -9924,7 +9937,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "3a766e1110788c36f4fa1c2b71b387a7815aa65f88ce0229841826633d93723e"
 dependencies = [
  "libc",
- "windows-sys 0.60.2",
+ "windows-sys 0.61.1",
 ]
 
 [[package]]
@@ -12113,7 +12126,7 @@ dependencies = [
  "getrandom 0.4.1",
  "once_cell",
  "rustix",
- "windows-sys 0.59.0",
+ "windows-sys 0.61.1",
 ]
 
 [[package]]
@@ -12946,12 +12959,12 @@ dependencies = [
 
 [[package]]
 name = "tracing-opentelemetry"
-version = "0.32.1"
+version = "0.33.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "1ac28f2d093c6c477eaa76b23525478f38de514fa9aeb1285738d4b97a9552fc"
+checksum = "adbc64cba7137545b8044cb1fe9814f7aacf3c6b5f9b45be8bb5db538befdb26"
 dependencies = [
  "js-sys",
- "opentelemetry 0.31.0",
+ "opentelemetry 0.32.0",
  "tracing",
  "tracing-core",
  "tracing-subscriber",
@@ -13722,7 +13735,7 @@ dependencies = [
  "mysten-metrics",
  "num-bigint 0.4.6",
  "object_store 0.11.2",
- "opentelemetry 0.31.0",
+ "opentelemetry 0.32.0",
  "opentelemetry-otlp 0.31.0",
  "opentelemetry-proto 0.31.0",
  "opentelemetry-semantic-conventions",
@@ -13768,7 +13781,7 @@ dependencies = [
  "tower 0.5.3",
  "tower-http 0.6.11",
  "tracing",
- "tracing-opentelemetry 0.32.1",
+ "tracing-opentelemetry 0.33.0",
  "tracing-subscriber",
  "twox-hash 2.1.2",
  "typed-store 1.53.0",
@@ -13830,7 +13843,7 @@ dependencies = [
  "futures",
  "http 1.4.1",
  "mime",
- "opentelemetry 0.31.0",
+ "opentelemetry 0.32.0",
  "p256",
  "pin-project",
  "prometheus",
@@ -13848,7 +13861,7 @@ dependencies = [
  "tokio",
  "tower 0.5.3",
  "tracing",
- "tracing-opentelemetry 0.32.1",
+ "tracing-opentelemetry 0.33.0",
  "utoipa",
  "walrus-core",
  "walrus-test-utils",
diff --git a/Cargo.toml b/Cargo.toml
index aa7bb4abd6..5c742239fd 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -88,7 +88,7 @@ mysten-metrics = { git = "https://github.com/MystenLabs/sui", tag = "testnet-v1.
 num-bigint = { version = "0.4.5", default-features = false }
 object_store = { version = "0.11.2", features = ["gcp"] }
 once_cell = { version = "1.21.4" }
-opentelemetry = { version = "=0.31", default-features = false, features = ["trace"] }
+opentelemetry = { version = "=0.32", default-features = false, features = ["trace"] }
 opentelemetry-otlp = { version = "=0.31" }
 opentelemetry-proto = { version = "=0.31", default-features = false, features = ["with-serde"] }
 opentelemetry-semantic-conventions = "=0.31"
@@ -154,7 +154,7 @@ tonic = { version = "0.14.6", default-features = false }
 tower = "0.5"
 tower-http = { version = "0.6.11", features = ["cors", "timeout", "trace"] }
 tracing = "0.1.44"
-tracing-opentelemetry = { version = "=0.32.1", default-features = false }
+tracing-opentelemetry = { version = "=0.33.0", default-features = false }
 tracing-subscriber = { version = "0.3.23", default-features = false, features = ["env-filter", "fmt"] }
 twox-hash = "2.1.2"
 typed-store = { path = "crates/typed-store" }