Bitcoin Options Open Interest Hits Record $42.5 Billion as Traders Show Strong Bullish Sentiment
Bitcoin’s price surge past $111,000 during Thursday’s Asian trading hours triggered unprecedented activity in the options market, with traders betting on further upside.
Deribit, the world’s largest crypto options exchange, reported a new all-time high in notional open interest (OI) — the dollar value of outstanding options contracts — reaching $42.5 billion, according to CEO Luuk Strijers in an interview with CoinDesk.
Options give investors the right, but not the obligation, to buy or sell Bitcoin at a set price before expiration. Call options reflect bullish bets, while put options serve as protection against declines.
Following Bitcoin’s rally to new highs, traders aggressively bought call options with higher strike prices, especially those expiring on June 27.
“The most active strikes over the last 24 hours were the $120,000 and $130,000 calls for May and June expiries,” said Strijers. “The highest open interest now sits at the $110,000, $120,000, and $300,000 strikes for June 27 — signaling strong bullish conviction.”
Deribit dominates the global crypto options market with nearly 80% market share, also offering perpetual and spot trading. The combined open interest across crypto options and perpetual futures recently surpassed $45 billion.
In related news, Coinbase has announced plans to acquire Deribit in a $2.9 billion deal, further strengthening its position in the derivatives space.
