Bitcoin Options Open Interest Near $26 Billion as Call Bias Builds

Bitcoin (BTC) options positioning tilted modestly more bullish over the past day, with total open interest rising 4.62% as traders concentrated short-dated activity in Bybit’s $60,000 call expiring July 2—an indication that near-term upside interest is building even as demand for downside protection remains meaningful.

As of July 2, 2026 at 00:40 UTC, data compiled by CoinGlass showed aggregate BTC options open interest (OI) at $25.991 billion, up from $24.843 billion a day earlier. Total options volume over the past 24 hours came in at roughly $3.821 billion, underscoring active repositioning into a key expiry window.

The OI mix was skewed toward calls, with call options accounting for 60.50% versus 39.50% for puts. By 24-hour trading volume, calls represented 54.94% and puts 45.06%. The divergence suggests a market where traders are still leaning toward an upside medium-term framework, while simultaneously allocating a sizable share of short-term flow to hedges or volatility plays.

In practical terms, a higher call share in OI typically reflects accumulated exposure to higher prices—often linked to structured positioning and longer-horizon expectations—whereas a comparatively elevated put share in recent volume can signal tactical protection against drawdowns, gamma hedging, or short-term uncertainty around spot price moves.

Looking at where risk is clustered, the largest OI was concentrated in Deribit-listed contracts, led by the $80,000 call expiring July 31, followed by the $80,000 call expiring Dec. 25, and the $60,000 put expiring Dec. 25. The prominence of $80,000 calls points to continued interest in higher-strike upside exposure later this year, while the significant $60,000 put position for late December highlights that some participants remain focused on guarding against adverse scenarios.

By 24-hour volume, activity was dominated by short-dated Bybit contracts tied to July 2 expiry. The most heavily traded were the $60,000 call, the $61,000 call, and the $57,000 put. The pairing of aggressively traded near-term calls with a notable $57,000 put suggests traders are positioning for a potentially sharp move—upward participation while keeping protection in place should the market fade.

Overall, the rise in open interest alongside call-heavy positioning implies fresh capital entering BTC derivatives with a generally constructive bias. At the same time, the relatively high share of put volume indicates that traders are not abandoning defense, reflecting an options market pricing not just direction but also the possibility of heightened volatility around the immediate expiry cycle.