The Bitcoin derivatives market is showing renewed strength, with total options open interest (OI) climbing to an all-time high of $63 billion, according to CoinGlass data. The surge reflects growing investor confidence and increased speculative activity, as traders position for a potential major price move in the world’s largest cryptocurrency.
Deribit Dominates with $50 Billion in Bitcoin Open Interest
Leading crypto options exchange Deribit, which controls nearly 80% of the global Bitcoin options market, reported a record OI of $50 billion this week. The milestone underscores unprecedented participation from both institutional and retail investors. Open interest represents the total value of all active options contracts that have not yet been settled. When it rises, it signals strong trader engagement and conviction in the asset’s future direction.
Traders Focus on Higher Strike Prices
Deribit data show that most open positions are centered around higher strike prices, particularly between $120,000 and $140,000. This concentration suggests traders are preparing for a potential breakout in Bitcoin’s price. At the $100,000 strike, open interest stands at about $2.17 billion, while higher strikes account for even larger volumes. According to Deribit, this trend reflects strong bullish sentiment and expectations for continued price appreciation.
Deribit CEO Luuk Strijers said notable call activity has been building above $120K. This development indicates positioning for "upside volatility or gamma exposure."
Sentiment Balanced Despite Bullish Tone
While optimism dominates, some traders are still hedging against short-term downside risks. The put-to-call ratio, which measures the balance between bearish and bullish options bets, stands at 1.03, indicating a nearly even split between put and call options. According to Deribit, this balance shows that traders are cautious but not anticipating a major sell-off. The mix of bullish call buying and moderate put hedging suggests a mature market adjusting to volatility rather than engaging in pure speculation.
$5.1 Billion in Bitcoin Options Set to Expire
Deribit data show approximately $5.1 billion worth of Bitcoin options will expire on Friday. The expiry could cause short-term volatility as traders unwind or roll over positions. The maximum pain point —the level at which the greatest number of options would expire worthless —is $114,000. Therefore, this level may exert a magnetic influence on the price in the near term as expiration approaches.