Bitcoin Options Open Interest Jumps to $33.7 Billion as Bullish Positioning Builds

Bitcoin (BTC) options traders are signaling a renewed appetite for upside exposure, with overall open interest rising and market positioning tilting further toward calls. The shift points to investors expressing more medium-term bullish expectations, even as short-dated trading remains comparatively balanced.

Open interest rises; calls take a larger share

As of Wednesday, April 8 at 00:00 UTC, data compiled by CoinGlass showed total Bitcoin options open interest (OI) at $33.7 billion, up 8.2% from $31.15 billion a day earlier.

Calls accounted for 56.94% of outstanding contracts, while puts made up 43.06%, indicating a preference for bullish structures in accumulated positioning.

Trading volume: Deribit leads; calls and puts remain close

Aggregate Bitcoin options trading volume over the same period was about $3.24 billion. By venue, Deribit led activity with roughly $2.91 billion, followed by Binance at $829 million, Bybit at $823 million, OKX at $444 million, and CME at $45 million.

Despite the call-heavy OI profile, the 24-hour volume split was comparatively even: 51.53% calls versus 48.47% puts. This suggests traders are still actively using puts for near-term hedging or volatility-related strategies.

Key strike concentrations and expiries

The largest concentrations of open interest were clustered around major strike levels on Deribit. The most heavily positioned contracts included a $120,000 call expiring Dec. 25, an $80,000 call expiring May 29, and a $60,000 put expiring Dec. 25.

The mix reflects a market building upside targets while also maintaining downside protection at psychologically important levels.

Short-dated positioning shows defensive demand

Shorter-dated activity leaned toward defensive demand at lower strikes. The most actively traded contracts over the past 24 hours were a $62,000 put expiring April 24, a $65,000 put expiring April 24, and a $74,000 call expiring April 10—consistent with positioning for near-term swings while retaining some upside exposure.

What the positioning implies

Options are commonly used to express directional views with leverage or to hedge existing spot and futures positions. In this context, the sharp rise in OI is typically interpreted as evidence of new positioning entering the market, aligning more with medium-term bets rather than only rotating short-term trades.

At the same time, the relatively tight call-versus-put volume split indicates that demand for protection remains present even as broader positioning appears more constructive.

Deribit remains the pricing center

Deribit dominated volume, accounting for approximately $2.91 billion of the $3.24 billion total, reinforcing that major positioning signals are primarily derived from Deribit flows.