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Bitcoin hovered between $87,477 to $90,317 on Dec. 17, 2025, as derivatives data shows futures traders holding their nerve while options markets quietly leaned defensive.
Bitcoin Derivatives Data Signals Tactical Pullback Risk
According to coinglass.com stats on Wednesday, bitcoin futures open interest (OI) remains elevated, with total OI sitting near $58.97 billion across exchanges, signaling that leverage has not meaningfully exited the system despite recent price softness. In bitcoin terms, open interest stands at roughly 673,770 BTC, a level that continues to anchor derivatives activity well above historical averages and suggests traders are still engaged—even if conviction has cooled at the margin.
A closer look at exchange-level positioning shows a familiar hierarchy at the top. CME leads futures OI with approximately 126,030 BTC, representing nearly 19% of the global total, pointing to the continued dominance of institutional positioning. The crypto exchange giant Binance follows closely with about 122,520 BTC, while Bybit, Gate, and MEXC round out a tightly clustered middle tier.
OKX posted modest OI growth over the past 24 hours, while smaller venues such as Kucoin and BingX saw sharper contractions, hinting at selective deleveraging rather than a broad unwind. Short-term changes in futures positioning reflect a market that is adjusting rather than fleeing.
Aggregate open interest rose slightly over the past four hours but dipped marginally on a 24-hour basis, reinforcing the idea that traders are still trimming risk tactically instead of hitting the exits. The futures OI-to-volume ratio remains elevated, a sign that positions are sticky and traders are waiting for a clearer directional cue.
Nansen Research Analyst Suspects ‘Many Investors Have Not Sold Their Spot Holdings and Remain Bullish for 2026’
Options markets, however, tell a more cautious story. Total bitcoin options open interest, logged by coinglass.com, continues to track higher alongside price over the longer term, but near-term positioning skews defensive. Calls account for roughly 64% of total open interest, yet recent volume has tilted slightly toward puts, reflecting hedging demand rather than outright bearish bets.
The most heavily populated options strikes sit well above the spot price. Large call open interest clusters are concentrated at $100,000, $106,000, and $112,000 for late-December expiries, signaling that traders still see upside potential—just not immediately. On the downside, meaningful put interest has built around the $85,000 and $80,000 levels, defining the market’s short-term pain threshold.
Max pain data adds another layer to the narrative. On Deribit, the dominant bitcoin options venue, max pain levels for late-December contracts cluster near the upper-$80,000 range, suggesting price gravity may continue to tug bitcoin sideways into expiration. Binance and OKX show similar patterns, with max pain levels drifting higher into early 2026 but remaining below the most aggressive upside strikes.
Also read: Is Crypto a Security? (Part IV: DeFi, Staking, Airdrops, NFTs)
That dynamic aligns with broader sentiment flagged by institutional analysts. In a note sent to Bitcoin.com News, Aurelie Barthere, principal research analyst at Nansen, said positioning points to short-term caution despite longer-term optimism.
“Looking at positioning, investors appear cautious in the short term. Option markets imply less than a 34% chance of BTC regaining 91k by January,” Barthere said. “However, I suspect many investors have not sold their spot holdings and remain bullish for 2026, with option markets assigning more than a 50% probability of BTC trading above 105k by March 2026.”
Barthere added that correlations outside crypto may drive the next leg, stating:
“Taken together, I can see a scenario where prices move lower into Q1 2026, driven primarily by the continued correlation with AI stocks, before bottoming in Q2 on the back of a fiscal boost and a more dovish Fed.”
Taken as a whole, bitcoin’s derivatives market is signaling restraint, not retreat. Futures traders remain planted, options traders are hedging their bets, and max pain levels suggest a market content to chop rather than sprint. For now, leverage is still in the room—but it’s watching its step.
FAQ ⚠️
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What does elevated bitcoin futures open interest mean?
It suggests traders are maintaining leveraged exposure rather than closing positions outright. -
Why are bitcoin options leaning defensive?
Rising put volume reflects hedging against short-term downside rather than outright bearishness. -
Where are the key bitcoin max pain levels?
Across major exchanges, max pain clusters sit in the upper-$80,000 range for late-December expiries. -
What is the outlook for bitcoin in 2026?
Aurelie Barthere says options markets imply caution near term but increasing confidence in prices above $105,000 by March 2026.