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Bitcoin’s options market is on fire — open interest has blasted to a new record as traders wrestle between euphoric calls and cautionary puts, all while BTC lounges around $110,614 per coin, according to Coinglass data.
BTC Options Data Shows Record Leverage
Total open interest (OI) in bitcoin options has climbed near $65 billion — the highest ever recorded. The market is humming with leverage, conviction, and just enough nerves to keep everyone awake.
Deribit, the current heavyweight of crypto options, is seeing a flood of activity. Volume has exploded in recent weeks, pushing into multi-billion-dollar territory daily. This week’s session has been among the year’s busiest, hinting that even short-term players are diving in before volatility decides which way to bite.
The split between calls and puts paints a fascinating picture. Open interest still favors the optimists — 57.96% calls (301,842.96 BTC) versus 42.04% puts (218,924.29 BTC) — showing that more traders are betting on upside continuation.
But zoom in on the last 24 hours, and the tone shifts: puts made up 55.66% (32,133.77 BTC) of volume, outpacing calls at 44.34% (25,597.3 BTC). Translation? Long-term bulls, short-term hedgers — the perfect cocktail for fireworks.
Strike positioning suggests traders are targeting the moon — or at least the stratosphere. Deribit’s biggest open-interest clusters sit at $140,000, $150,000, and $200,000 for December 2025 expiries. Those high-flying call stacks show traders dreaming big, while puts at $85,000 and $80,000 signal where the nervous money lives.
Then there’s “max pain,” the level where the most traders lose the most money. Coinglass data currently pegs that zone between $108,000 and $114,000, right where BTC is currently waltzing. If prices drift sideways, options writers will be smiling; if BTC breaks away, someone’s about to get burned.
Put together, the derivatives picture screams high-stakes poker. Record open interest, ballooning volume, lofty call strikes, and a battlefield around the $110K line make this one of the most tightly wound setups of the year. Traders are either about to get very rich — or very humbled.
FAQ 💡
- What is bitcoin’s price now? About $110,614 per coin at press time.
- How high is open interest? Total BTC options open interest has hit a record, nearing $65 billion.
- Who’s winning between calls and puts? Calls lead open interest, but puts dominated daily trading volume.
- Where is max pain? Around $108,000 to $114,000, where most options expire worthless if BTC stays flat.