Finbold 2025-05-27 11:24:30

Bitcoin options open interest hits all-time high as traders bet big

Bitcoin derivatives market just set another record. Options open interest has soared to $48.85 billion, the highest level ever recorded, according to CoinGlass data from May 26. With Bitcoin trading at $109,700, traders are placing outsized bets, including growing interest in $300,000 strike call options set to expire on June 27. Bitcoin options open interest. Source: CoinGlass The surge in open interest shows a deepening layer of speculative and institutional activity now concentrated in the options market. Notably, this all-time high eclipses anything seen during prior bull cycles, underlining just how far the market has evolved. At the top of the leaderboard is Deribit, accounting for a staggering $36.02 billion of open interest. CME follows with $4.73 billion, then OKX at $3.46 billion, Binance with $1.48 billion, and Bybit at just under $1 billion. The dominance of Deribit reaffirms its role as the go-to venue for sophisticated Bitcoin options strategies. Meanwhile, exchange BTC futures open interest is also climbing, now sitting just below $90 billion. Bitcoin’s price and futures exposure have been rising in near lockstep, showing that leveraged participation is accelerating. Bitcoin futures open interest. Source: CoinGlass Why Bitcoin open interest matters For newer market participants, open interest refers to the total value of outstanding options contracts that haven’t been settled. It gives insight into how much capital is committed to the market, whether for speculation, hedging, or structured trades. In this case, the volume clustered around the $300,000 strike doesn’t necessarily imply a moonshot forecast. Positions that far out-of-the-money are often part of complex strategies, such as hedging spot holdings, capturing volatility, or managing asymmetric exposure. But the fact that traders are engaging at that level speaks to the scale of conviction, and the willingness to take on tail-risk bets. It’s not just retail enthusiasm either. CME’s sizable share of open interest reflects meaningful institutional involvement, particularly from funds seeking regulated exposure or hedging tools in advance of macro catalysts. All eyes are now on the June 27 expiry, which could become a volatility flashpoint. If Bitcoin maintains strength or pushes higher, market makers may be forced to hedge aggressively, amplifying price movement through gamma-driven dynamics. On the other hand, a sharp correction could trigger unwinds that intensify downside pressure. Featured image via Shutterstock The post Bitcoin options open interest hits all-time high as traders bet big appeared first on Finbold .

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