Bitcoin options OI falls to $37.9 billion as $80,000 put leads volume

Bitcoin options open interest fell 0.97% to $37.9 billion, while the $80,000 put recorded the highest trading volume. Medium-term positioning remained tilted toward calls, but short-term trading favored downside protection.

Bitcoin options positioning showed a bullish tilt over the medium term. By contrast, short-term flows reflected stronger caution over downside volatility.

As of Oct. 20, total Bitcoin options open interest stood at $37.9 billion, down 0.97% from $38.27 billion previously. Bitcoin options trading volume totaled about $2.78 billion.

Calls accounted for 59.81% of open interest and puts for 40.19%. By trading volume, calls represented 42.64% and puts 57.36%.

The call-heavy open-interest mix suggests medium-term positions remained more concentrated on the upside. The higher share of puts in trading volume, however, points to short-term demand for downside protection.

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 with the same expiry and venue.

The leading contracts by trading volume were the $80,000 put expiring Oct. 30 on Deribit, the $45,000 put expiring Dec. 25 on Deribit and the $78,000 put expiring Oct. 30 on Deribit.

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

The relative shares of calls and puts, together with changes in open interest and volume, can help distinguish medium-term position building from short-term trading. Rising open interest may signal new positions, while call-heavy open interest paired with put-heavy volume can indicate that bullish positioning coexists with short-term hedging or volatility protection.

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