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Bitcoin hovered at $88,202 per coin at 2:30 p.m. EST on Dec. 20, as derivatives markets quietly shifted into a more cautious posture following the Dec. 19 options expiry. Futures leverage eased, options positioning has thickened, and traders appeared more interested in protection than bravado.
BTC Derivatives Data Shows Traders Hedging, Not Chasing
According to coinglass.com data this weekend, bitcoin ( BTC) futures open interest (OI) across major exchanges stands at roughly $58.19 billion, representing about 659,690 BTC in outstanding contracts. While still elevated by historical standards, aggregate open interest has slipped modestly over the past 24 hours, suggesting traders are trimming exposure rather than pressing fresh directional bets as December nears its close.
The futures leaderboard remains tightly packed. Binance and CME dominate the field, each holding close to 19% of total bitcoin futures OI. Binance leads marginally with approximately 123,780 BTC in open positions, while CME follows closely at 123,040 BTC. Together, the two venues account for nearly $22 billion in notional exposure, reinforcing their role as the primary battlegrounds for leveraged bitcoin trading.
Elsewhere, Bybit, MEXC, and Gate round out the next tier, while OKX posted a modest uptick in short-term open interest even as broader futures positioning softened. BingX stood out for the wrong reasons, showing sharp drawdowns in OI across one-hour, four-hour, and 24-hour windows — a clear sign of aggressive deleveraging on the exchange.
Options Markets Still Lean Bullish, With Hedging in Tow
Options markets tell a more nuanced story. Total bitcoin options open interest continues to climb, tracking alongside price over the past year but now showing signs of crowding. Calls accounted for roughly 64.8% of total options OI, leaving puts at 35.2%, a skew that signals optimism tempered by serious hedging discipline.
Volume data echoes that balance. Call contracts today represent about 55% of options volume over the past 24 hours, with puts making up the rest. Traders are not abandoning upside narratives, but they are increasingly pairing them with downside insurance in this uncertain market.
The most active options strikes cluster heavily on Deribit, particularly calls expiring Dec. 26 at $100,000, $106,000, $112,000, and $118,000. At the same time, notable put interest sits near $85,000, creating a narrow corridor where price pressure could intensify into expiration. A much larger $23–$24 billion bitcoin options expiry is set for that day, at 8:00 UTC, including quarterly, annual, and structured products.
Also read: Bitcoin Consolidates Near $88K as Traders Strap in for a Technical Reckoning
The Dec. 26 event dominates open interest and could amplify bitcoin’s year-end volatility. Bitcoin’s max pain data this weekend adds another layer of intrigue. On Binance, the max pain level trends near the low $90,000s for upcoming expirations, while OKX and Deribit stats show similar gravitational pull zones just below $100,000. These levels represent price points where the largest number of options contracts would expire worthless, often acting as short-term magnets.
CME options stats from cryptoquant.com further offer a longer-dated perspective. Stacked expiration metrics show a heavy concentration of contracts rolling off over the next one to three months, with call exposure still outweighing puts. However, the dominance of near-term expirations suggests traders are staying a bit more nimble rather than committing to long-duration bets.
With all that said, bitcoin’s derivatives markets, following yesterday’s expiry, are not signaling panic just yet, but they are showing restraint. Leverage is certainly being trimmed, options are being positioned with greater care, and price expectations are narrowing into well-defined ranges. For a market that thrives on drama, this reads more like a breather than a breakdown.
FAQ ❓
- What does bitcoin futures open interest show right now? Bitcoin futures open interest is easing slightly, signaling reduced leverage rather than aggressive selling.
- Are bitcoin options traders bullish or bearish?Options data shows a call-heavy structure, but rising put activity suggests active hedging.
- Where are key max pain levels for bitcoin options?Max pain levels cluster between the high $80,000s and low $100,000s across major exchanges.
- What does this mean for short-term bitcoin price action?Derivatives positioning points to consolidation, with traders bracing for volatility rather than chasing momentum.