The Bitcoin derivatives market is showing renewed strength, with total options open interest (OI) reaching an all-time high of $63 billion, according to data from CoinGlass.
The surge reflects growing investor confidence and increased speculative activity as traders brace for big price swings in the world's largest cryptocurrency.
Deribit dominates with $50 billion in Bitcoin open interest
Leading crypto options exchange Deribit, which controls almost 80% of the global Bitcoin options market, reported a record OI of $50 billion this week. This milestone confirms unprecedented participation from both institutional and retail investors.
Traders focus on rising strike price
According to Deribit data, most of the open positions are concentrated at higher strike prices, particularly between $120,000 and $140,000. This concentration suggests that traders are bracing for a potential breakout in Bitcoin price.
At a strike price of $100,000, open interest amounts to approximately $2.17 billion, but the higher the strike price, the greater the volume. According to Deribit, this trend reflects strong bullish sentiment and expectations for continued price growth.
Deribit CEO Luuk Strjers said notable call activity exceeded $120,000. This development indicates a position of “upward volatility or gamma exposure.”
Despite the bullish tone, sentiment remains balanced.
Although optimism prevails, some traders are still hedging short-term downside risks. The put-to-call ratio, which represents the balance between bearish and bullish options bets, is 1.03, indicating that put and call options are roughly evenly distributed.
Deribit said the balance shows traders are cautious but not expecting a significant decline. The combination of bullish call buying and modest put hedging suggests a mature market adapting to volatility rather than engaging in pure speculation.
$5.1 billion Bitcoin options set to expire
About $5.1 billion worth of Bitcoin options are set to expire on Friday, according to Deribit data. Expirations can create short-term volatility as traders unwind or roll over positions.
The maximum pain point (the level at which the most options become worthless) is $114,000. Therefore, this level could have a magnetic impact on prices in the short term as the expiry approaches.
