Rising open interest and dominance of bullish strike prices between $120,000 and $140,000 signal strong market confidence in Bitcoin’s continued rally.
Derivatives Data Point to Renewed Bitcoin Optimism
Bitcoin’s derivatives market is flashing strong bullish sentiment as options open interest (OI) reached an all-time high of $63 billion, according to data from Coinglass. The surge reflects increased trading activity and investor confidence in Bitcoin’s upward trajectory, with most option bets targeting $120,000 to $140,000 strike prices.
The record-setting figures highlight a surge in participation on Deribit, the world’s largest crypto options exchange, which accounts for nearly 80% of total open interest.
Deribit Leads With Record Activity
Deribit reported an OI peak of $50 billion, noting a mix of bullish and hedging strategies. While there has been growing interest in put options around $100,000, data show significantly larger positions clustered at higher strike levels — a sign that traders are positioning for further upside.
“While put OI has increased at key downside strikes, there’s notable call activity building around 120K and above, suggesting traders are positioning for potential upside volatility,” said Luuk Strijers, CEO of Deribit.
The concentration of open interest well above Bitcoin’s current price indicates that market participants expect continued price appreciation, supported by robust momentum across the derivatives market.
$5.1 Billion in Options Set to Expire
Approximately $5.1 billion worth of Bitcoin options are scheduled to expire today on Deribit, with a put/call ratio of 1.03, showing a balanced market between bullish and bearish positions. The max pain level — the price point where the greatest number of options expire worthless — stands at $114,000, suggesting traders are hedging modest downside risks while maintaining strong bullish bias overall.
Deribit analysts added that positioning remains stable:
“Puts slightly outweigh calls, but traders are not anticipating a major sell-off. The market looks more like measured hedging rather than fear-driven protection.”
The record $63 billion in Bitcoin options open interest underlines intensified institutional and retail engagement in crypto derivatives. With most bets concentrated well above current price levels, sentiment appears decisively bullish.
In essence, Bitcoin traders are not just expecting stability—they’re preparing for a potential breakout toward new all-time highs.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.