Deribit Exchange Reports 25% Surge in Bitcoin Options Open Interest as $100K Calls Dominate
Bitcoin options open interest skyrocketed from $30.33 billion to $37.92 billion within just three days, significantly outpacing BTC’s 5.5% price increase. This surge highlights traders’ growing preference for convex options strategies over linear futures positions—a trend that typically precedes heightened volatility in spot markets.
Deribit’s strike data reveals extreme bullish positioning, with 17,420 call contracts concentrated at the $100,000 strike. Additional heavy call volumes appear at $110,000 (10,660 contracts), $95,000 (11,730), and $90,000 (11,600). Downside protection remains minimal, with only 11,590 put contracts at the $80,000 strike.