Shift in Investor Behavior Towards Sophisticated Strategies
Bitcoin options open interest has surpassed futures trading volume for the first time in history, signifying a shift in investor behavior and deeper market sophistication. The BTC options open interest peaked at $74.1 billion according to onchain data from Checkonchain.
BTC options open interest has surged as institutions join the crypto bandwagon. The crypto asset’s options open interest casts a shadow on the futures market volume. For the first time in history, BTC options open interest has outperformed the futures trading volume on major exchanges such as Binance, OKX, and Bybit, as well as other platforms such as IBIT and Deribit.
Bitcoin Options Open Interest Peaks at $74.1 Billion
According to data from the blockchain analysis platform Checkonchain, BTC options open interest peaked at $74.1 billion, while Bitcoin futures open interest trailed at $65.2 billion. The data shows that the majority of BTC options open interest is on IBIT and Deribit. At the same time, centralized exchanges such as OKX and Bybit have the lowest BTC open interest, according to the data.
IBIT recorded $37.12 billion Bitcoin option open interest, while Deribit followed closely behind with $30.84 billion. Among exchanges, Bybit led the pack with $918.085 million, followed by Binance with $965.066 million.
The notable shift in market dynamics indicates a change in investor behavior toward structured, risk-managed strategies. Options give investors the flexibility to hedge and speculate on Bitcoin’s future prices while simultaneously controlling risk. Options are typically more beneficial to institutional investors and experienced traders because they offer greater risk control, unlike the futures market, which is much more rigid and prone to losses.
Bitcoin Hashrate Declines Amidst Miner Adjustments
Bitcoin hashrate has declined by 15% since October’s peak, indicating miner capitulation amid narrowing profit margins. Bitcoin’s average computing power has fallen from 1.1 zettahashes per second (ZH/s) in October to roughly 977 exahashes per second (EH/s).
Data from Glassnode shows the Hash Ribbon metric, which tracks miner capitulation by comparing short- and long-term hashrate trends, inverted on November 29, shortly after Bitcoin bottomed near $80,000. The inversion typically signals that miners are selling their BTC holdings to fund operations, putting bearish pressure on Bitcoin’s price.
According to VanEck, a global investment management firm and crypto ETF issuer, miner capitulation may signal a bottom and an imminent rally in BTC towards new highs. Previous coverage revealed that when BTC’s hashrate decline persisted, the market typically responded with larger and more frequent rallies.
Another report highlighted that Bitcoin miners were shifting to renewable energy sources as cash prices fell below breakeven levels. The report noted that miners shifted to renewable energy sources to cut costs. In April 2025, miners shifted away from coal to adopt wind and solar energy as the main drivers of the high-energy activity. A report titled “Mining the Future: Bitcoin’s Carbon Footprint and the Path to 2030” highlighted that 70% of the energy used for Bitcoin mining will be from renewable sources by 2030.
Additional selling pressure is also associated with the rise of AI technology, which has led miners to partially or fully transform into data center operators. Firms such as Riot Platforms (RIOT) offloaded part of their bitcoin holdings to raise capital for capital-intensive AI and HPC investments. The sell-offs contribute to short-term price pressures, causing Bitcoin’s decline.
Data from SosoValue shows that spot Bitcoin ETFs in the U.S. recorded outflows of more than $390 million on January 18, marking the first day of negative flows after a four-day streak of positive flows witnessed last week. U.S. President Donald Trump threatened the UK and several EU countries with a possible 10% tariff hike for rallying behind Greenland as the U.S. prepares for a takeover. The tariff threat sent risk assets, such as crypto, into sharp decline, while safe havens like Gold and Silver rallied.