Bitcoin options OI falls to $37.81 billion as $80,000 put leads volume

Bitcoin options open interest fell 0.86% to $37.81 billion, while the $80,000 put expiring Oct. 20 led trading volume. Medium-term positioning favored calls, but short-term activity showed stronger demand for downside protection.

Bitcoin options positioning leaned bullish over the medium term. By contrast, short-term trading reflected greater caution over downside risk.

As of Oct. 17, total Bitcoin options open interest stood at $37.81 billion, down 0.86% from $38.14 billion previously. Options trading volume totaled about $2.79 billion.

Calls accounted for 59.83% of open interest and puts for 40.17%. By trading volume, calls represented 42.4% and puts 57.6%.

The call-heavy open-interest mix indicated that more medium-term positions were oriented toward the upside. The higher share of puts in trading volume, however, pointed to short-term hedging demand against volatility and downside risk.

The largest open-interest contracts were the $95,000 call expiring Oct. 30 on Deribit, followed by the $90,000 call and the $100,000 call, both expiring Oct. 30 on Deribit.

The leading contracts by trading volume were the $80,000 put expiring Oct. 20 on Deribit, the $78,000 put expiring Oct. 30 on Deribit and the $80,000 put expiring Oct. 30 on Deribit.

Editor's note Options are derivatives that investors can use to make leveraged bets on movements in an underlying asset or hedge existing positions. A call grants the right to buy the asset at a predetermined price at a specified future date, while a put grants the right to sell. Open interest measures the total number of outstanding options contracts and indicates the accumulated size of market positions.

The balance between calls and puts, along with changes in open interest and volume, can help distinguish medium-term positioning from short-term trading. Rising open interest can signal new positions, while call-dominant open interest combined with put-heavy volume may indicate bullish positioning alongside near-term defensive demand.

This article is based on market data and analysis and does not constitute investment advice.