With open interest in Bitcoin options on Deribit reaching $42.5 billion, market participants prepare for BTC’s next bullish milestone.

Deribit Sees Bitcoin Options Open Interest Surge to Record $42.5B as Traders Target Higher BTC Prices

Bitcoin’s rally past $111,000 has ignited unprecedented activity in the options market on Deribit, where open interest reached a historic $42.5 billion, underscoring traders’ bullish sentiment.

According to Deribit CEO Luuk Strijers, the highest concentrations of open contracts are clustered around the $110,000, $120,000, and $300,000 strike prices set to expire on June 27, signaling strong market conviction on Bitcoin’s further gains.

Options give investors the ability to buy or sell Bitcoin at set prices, providing strategic opportunities for speculation and risk management. The dominance of call options at these elevated strike prices reflects growing optimism.

“Within the last 24 hours, $120K and $130K calls for May and June expirations saw the most volume,” Strijers noted. “This surge in open interest reveals a robust appetite for upside exposure in the BTC market.”

Deribit commands nearly 80% of global crypto options trading volume, and the broader crypto derivatives market has hit record open interest levels surpassing $45 billion.

Meanwhile, Coinbase’s proposed $2.9 billion acquisition of Deribit signals a key shift in the institutionalization of crypto derivatives trading.