October 24, 2025 — Crypto Markets:
Bitcoin derivatives markets are signaling renewed bullishness, with Bitcoin options open interest (OI) reaching a record $63 billion, dominated by contracts at higher strike prices, according to data from Coinglass.

On Deribit, the world’s largest crypto options exchange, open interest also surged to an all-time high of $50 billion, with notable activity in $100,000 strike puts. Deribit, which accounts for roughly 80% of total Bitcoin OI, reported that high engagement in options markets reflects traders positioning for significant price movements and indicates growing conviction in Bitcoin’s near-term upside.

Bullish Strike Prices Dominate

Analysis from Deribit shows that while put options at $100,000 have gained traction, there is significantly more open interest at higher strike prices, including $120,000, $130,000, and $140,000 — each exceeding $2 billion in OI.

High concentration of open interest at strike prices well above the current market level suggests that traders are predominantly betting on or hedging for substantial upside, signaling strong bullish sentiment.

“While put OI has increased at key downside strikes, there’s notable call activity building around 120K and above, suggesting traders are positioning for potential upside volatility or gamma exposure,” said Luuk Strijers, CEO of Deribit.

Upcoming Expirations

Approximately $5.1 billion worth of Bitcoin options are set to expire today on Deribit, with a put/call ratio of 1.03, indicating that long and short contracts are nearly balanced. The max pain point — the strike price where most options contracts will expire worthless — is $114,000.

Deribit noted that while there is some downside hedging, traders are not positioning for a major sell-off, maintaining a cautious but optimistic outlook on Bitcoin’s near-term trajectory.

This record options open interest and bullish strike concentration reflects a market increasingly confident in Bitcoin’s potential for substantial gains in the coming months.