•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Bitcoin (BTC) options open interest has fallen sharply in recent days, pointing to a cooling in outstanding leveraged positioning. At the same time, put options have risen to the top of the volume rankings, suggesting traders are increasingly paying for near-term downside protection.
As of Sunday 01:00 ET (05:00 UTC), data compiled by Coinglass showed total BTC options open interest at $32.64 billion. This was a 1.78% increase from the prior day’s $32.07 billion, but open interest remained materially lower than levels seen since Friday, indicating recent position unwinds or expiries removing risk from the system.
In terms of outstanding contracts, calls still accounted for the majority at 57.58%, compared with 42.42% for puts. That imbalance is often read as a market still structurally tilted toward upside exposure.
However, the flow has turned more defensive. Total options trading volume over the past 24 hours was about $1.65 billion, with puts narrowly leading at 50.33% versus calls at 49.67%.
Exchange-by-exchange volume data showed the largest share of activity on offshore crypto venues. Deribit led with roughly $631 million, followed by Bybit at about $477 million, Binance at approximately $250 million, OKX at around $203 million, and CME at roughly $44 million.
The concentration on derivatives-native platforms—particularly Deribit—suggests that much of the hedging and speculative options activity continues to be centered in the crypto derivatives ecosystem.
The largest open-interest clusters remained in higher-strike calls, reinforcing the view that longer-horizon positioning is still skewed toward upside scenarios. The top contracts by open interest were the $80,000 call expiring May 29 on Deribit, the $120,000 call expiring Dec. 25 on Deribit, and the $90,000 call expiring June 26 on Deribit.
By contrast, the most actively traded contracts over the past 24 hours reflected more immediate downside interest. The leading contract by volume was the $60,000 put expiring June 26 on Deribit, followed by the $88,000 call expiring June 26 on Deribit. The third-ranked contract was the $77,500 put expiring Sunday on Bybit.
Heavy put volume at widely watched strikes—such as $60,000—is commonly interpreted as increased demand for short-term hedging around a key psychological level.
Options are derivatives that let traders either take leveraged views on price direction or hedge existing spot and futures exposure. A call option provides the right (but not the obligation) to buy the underlying asset at a preset price by a certain date. A put option provides the right to sell at a preset price.
Open interest refers to the total number of outstanding contracts still open in the market, offering a view into how much risk capital remains positioned across expiries and strike prices.
With open interest having reset lower since Friday and put volumes rising to match—and slightly surpass—calls, the data points to a market reducing overall leverage while paying closer attention to downside risk. How long this defensive tone persists may depend on whether BTC can hold key support levels without triggering another wave of hedging-driven demand for puts.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
