Bitcoin Options Open Interest Hits Record $50B on Deribit Amid Active Hedging
Bearish bets that Bitcoin (BTC) could fall to $100,000 or lower are now rivaling bullish wagers, reflecting increased sophistication in the crypto options market.
On Deribit, the leading BTC options platform, activity remains strong despite—or perhaps because of—recent downward price moves. On Thursday, active BTC contracts reached a record 453,820, each representing 1 BTC, while notional open interest—the total dollar value of active contracts—hit $50.27 billion, according to Deribit Metrics.
“Despite ongoing price pressure and a recent decline in BTC’s spot price, BTC options open interest on Deribit has surged to a new all-time high of roughly $50 billion notional—a record both in contract count and dollar terms—underscoring sustained and expanding market participation,” said Luuk Strijers, CEO of Deribit.
Year-to-date, open interest has more than doubled, demonstrating resilience as BTC fell from $110K to $75K earlier this year, then rallied past $126K before pulling back to around $108K. Options allow traders to hedge volatility and timing risks in addition to directional bets.
Calls vs. Puts
A call option gives the holder the right—but not the obligation—to buy BTC at a set price, while a put option allows selling. The surge in open interest is driven by growing demand for puts, providing protection against bearish trends.
The $100,000 strike put alone holds nearly $2 billion in notional value, nearly matching the $120K and $140K calls. This concentration highlights active downside hedging by traders.
“Unlike previous records, this milestone shows a notable concentration of put open interest around the 100K strike. At this strike, Deribit shows over 19,000 contracts open, representing more than $2 billion in notional value,” Strijers said.
Although puts still trade at a premium to calls, some traders are moving toward higher strike, out-of-the-money calls.
“Despite dominant bearish positioning, signs of renewed optimism are visible. While put OI has increased at key downside strikes, call activity around 120K and above suggests traders are also positioning for potential upside volatility or gamma exposure,” Strijers added.
