Traders Flood Bitcoin Options on Deribit, Open Interest Reaches $50B Amid Downside Protection

Bitcoin Options Open Interest Hits $50B on Deribit Amid Active Downside Hedging

A bearish bet that Bitcoin (BTC) could fall to $100,000 or below is now nearly as popular as bullish wagers on higher prices.

The crypto options market has proven resilient, maintaining strong activity across both bullish and bearish conditions. On Deribit, the largest BTC options platform, trading continues to surge despite—or perhaps because of—recent price weakness.

On Thursday, active BTC options contracts hit a record 453,820, each representing 1 BTC, while the notional open interest—the total dollar value of active contracts—reached $50.27 billion, according to Deribit Metrics.

“Despite ongoing price pressure and a recent decline in BTC’s spot price, BTC options open interest on Deribit has surged to a new all-time high of roughly $50 billion notional—a record both in contract count and dollar terms—underscoring sustained and expanding market participation,” said Luuk Strijers, CEO of Deribit.

Year-to-date, open interest has more than doubled, demonstrating resilience as BTC fell from $110K to $75K earlier this year, rallied past $126K, and pulled back to around $108K. Options provide flexibility beyond directional bets, allowing traders to hedge volatility and timing risks.

Call options give the holder the right—but not the obligation—to buy BTC at a set price, while put options allow the right to sell, offering protection against downward moves.

Puts Drive Record Open Interest

The record in open interest is fueled by growing demand for put options, particularly the $100,000 strike put, which holds nearly $2 billion in notional value. This strike is almost as active as the $120K and $140K calls, reflecting a bet that BTC could fall below $100,000.

“Unlike previous records, this milestone shows a concentration of put open interest around the 100K strike, highlighting active downside hedging. At this single strike, Deribit shows more than 19,000 contracts open, representing over $2 billion in notional value,” Strijers said.

Puts still trade at a premium to calls, though their relative richness has eased recently, with some traders targeting higher strike, out-of-the-money calls.

“Despite the dominant bearish positioning, there are signs of renewed optimism. While put OI has grown at key downside strikes, notable call activity above 120K suggests traders are positioning for potential upside volatility or gamma exposure,” Strijers added.