CME Exchange Sees Record $65B Bitcoin Options Open Interest as Traders Eye $116K Targets

Bitcoin options open interest surged to an unprecedented $65 billion this week, driven by aggressive positioning in BlackRock’s spot ETF-linked derivatives. The Chicago Mercantile Exchange (CME) witnessed particularly heavy activity as institutional traders amplified bullish bets.

This milestone mirrors November’s frenzy when Bitcoin last neared all-time highs. Market makers report concentrated demand for $116,000 strike calls through Q3 2024—representing a 35% premium over current prices.

Derivatives analysts note such options accumulation typically precedes volatile price movements. "When open interest spikes during rallies, it signals conviction rather than speculation," stated Greg Magadini of Amberdata. The CME now accounts for over 40% of all bitcoin options volume.