Deribit Bitcoin Options Open Interest Tops $43B as Bullish Bets Aim for $120K+

Bitcoin Options Open Interest Hits $43B on Deribit as Bullish Bets Intensify Ahead of June Expiry

Deribit Sees Historic Highs in BTC Options, Signaling Growing Institutional Optimism

May 22, 2025 

The Bitcoin derivatives market just hit a major milestone as open interest (OI) on Deribit, the world’s leading crypto options exchange, surged past $43 billion, marking a new all-time high. The latest surge in options activity indicates a wave of bullish sentiment among traders, with significant volumes concentrated around the $110,000, $120,000, and even $300,000 strike prices expiring on June 27, 2025.

🔍 Deribit Dominates Options Market Amid BTC Momentum

According to data from Deribit Insights and Laevitas.ch, Bitcoin options open interest has seen an explosive rise in recent weeks, surpassing the previous record of $42.5B. Deribit currently controls over 85% of global crypto options volume, with BTC contracts accounting for the majority of positions.

Traders appear to be aligning behind the view that Bitcoin (BTC) — which is currently trading around $110,700 — could break through resistance and aim for new highs, especially as macro tailwinds and ETF inflows support demand.

“The $120K and even the $300K strikes might look aggressive, but they reflect hedging from leveraged players and structured products positioning,” said Luuk Strijers, Chief Commercial Officer at Deribit.

📈 Call Options Dominate, Suggesting Bullish Sentiment

The bulk of the current OI is skewed toward call options, reinforcing a bullish market structure. The notional value of calls vastly outweighs puts, with the put-call ratio slipping to 0.6, its lowest level since March 2024.

Popular strikes with high OI for the June 27 expiry include:

• $110,000 — $2.8B in notional value
• $120,000 — $1.9B in OI
• $300,000 — $450M, mostly deep out-of-the-money bets

💼 Institutional Demand, Spot ETFs Fuel Derivatives Boom

Fueling this momentum is growing institutional participation, largely driven by flows into spot Bitcoin ETFs such as BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC. Combined, U.S. Bitcoin ETFs now hold over 1.2 million BTC, per Glassnode data.

“This kind of options activity is often institutional in nature. It’s a mix of yield enhancement, risk hedging, and directional exposure,” noted James Butterfill, Head of Research at CoinShares.

Moreover, macroeconomic uncertainty and speculation over potential Federal Reserve rate cuts in Q3 2025 are further driving volatility and positioning in crypto derivatives.

🌍 Global Volatility: Crypto Traders Eye CPI and Fed Minutes

With eyes on upcoming U.S. CPI data and FOMC meeting minutes, traders are positioning for sharp price moves. Implied volatility (IV) on 30-day at-the-money options has risen to 52%, indicating the market expects notable swings ahead.

“Volatility sellers had dominated in April, but with fresh macro catalysts, the skew has shifted toward buyers,” said Greeks.live, a prominent crypto options analytics platform.

📊 Comparative Market Snapshot

BTC price (at time of writing): $110,710
ETH price: $2,615
SOL price: $176

📌 Final Thoughts: Is a Blow-Off Top Coming?

With BTC eyeing $120K and traders placing long-dated bets as high as $300K, market watchers are asking: Is this sustainable bullish momentum or pre-euphoria positioning?

While it’s too early to call a market top, the concentration of calls at high strike prices suggests growing risk appetite and confidence in crypto’s structural uptrend post-halving. However, rapid gains could also expose overleveraged positions if a pullback materializes.

“We’re in a phase where options flow is no longer just a hedge. It’s shaping price discovery,” added QCP Capital in its latest derivatives outlook.