The bitcoin derivatives market enters a new phase of euphoria. According to CoinGlass, the open interest on Bitcoin options reaches 63 billion, driven by massive bullish positions. Investors now target strike prices between 120,000 and 140,000 dollars, revealing marked optimism
Deribit concentrates 80% of the crypto options market with 50 billion open interest, a historic peak reached. This figure reflects intense activity from traders, who multiply bets on short-term volatility. In market terms, such a level of open interest reflects massive commitment, often a precursor to large price movements.
Put options at 100,000 dollars gain popularity, showing a growing need for strategic hedging. The imbalance persists: call options largely dominate, a sign that traders are betting on an upcoming surge.
After a drop in bitcoin and Ethereum, the largest open positions now concentrate between 120,000 and 140,000 dollars, well above the current bitcoin price, around 111,000 dollars, extending a period of volatility marked by the recent flash crash. More than 2 billion dollars are positioned at each of these levels, a strong signal sent by the market: bullish conviction is deep and extends over several expirations.
Luuk Strijers, CEO of Deribit, specifies that despite the rise of “puts” in certain areas, the activity around calls at 120K and beyond is intensifying, indicating that investors seek to profit from an explosive rise or protect themselves from extreme volatility. In other words, the market is preparing for a new phase of tension, potentially upwards.
This Friday, about 5.1 billion dollars in Bitcoin options are set to expire on Deribit.
The put/call ratio of 1.03 shows a relatively balanced positioning: buyers of bullish and bearish contracts nearly neutralize each other. The max pain point, i.e., the price where most Bitcoin options lose value, is estimated at 114,000 dollars.
In other words, the market might oscillate around this level before expiration, allowing the dust to settle. But beyond this tactical game, the message is clear: crypto derivatives operators are repositioning on a scenario of sustainable BTC recovery, potentially towards new records.
