Bitcoin Options Open Interest Surges to $50B on Deribit as Traders Hedge Downside
A growing bearish bet that Bitcoin (BTC) could fall to $100,000 or below is now matching the popularity of bullish wagers on higher prices.
The crypto options market has emerged as one of the most resilient segments, maintaining strong activity across both bullish and bearish conditions.
On Deribit, the leading BTC options platform, trading continues to expand despite—or perhaps because of—recent bearish price movements. On Thursday, active BTC contracts reached a record 453,820, each representing 1 BTC. The notional open interest, representing the total dollar value of these contracts, also hit a record $50.27 billion, according to Deribit Metrics.
“Despite ongoing price pressure and a recent decline in BTC’s spot price, BTC options open interest on Deribit has surged to a new all-time high of roughly $50 billion notional—a record both in contract count and dollar terms—underscoring sustained and expanding market participation,” said Luuk Strijers, CEO of Deribit, in an interview with CoinDesk.
Year-to-date, open interest in contracts has more than doubled, demonstrating resilience as BTC fell from $110K to $75K earlier this year, rallied to a lifetime high above $126K, and subsequently pulled back to around $108K.
Options provide strategic versatility beyond directional bets, allowing traders to hedge volatility and time, helping manage market exposure in both bullish and bearish phases. Call options give the holder the right—but not the obligation—to buy BTC at a specified price, while put options grant the right to sell.
Active Downside Hedging
The surge in BTC open interest is particularly driven by put options, which offer protection against bearish trends. The $100,000 strike put has nearly $2 billion in notional open interest, making it almost as active as the $120,000 and $140,000 strike calls. This represents a bet that BTC could drop below $100,000.
“Unlike previous records, this new milestone shows a notable concentration of put open interest around the 100K strike, highlighting active downside hedging by market participants. At this single strike, Deribit has over 19,000 contracts open, representing more than $2 billion in notional value,” Strijers said.
While puts still trade at a premium to calls, their relative richness has eased recently, with some traders moving toward higher strike, out-of-the-money calls.
“Despite dominant bearish positioning, there are signs of renewed optimism. While put open interest has increased at key downside strikes, notable call activity around 120K and higher suggests traders are also positioning for potential upside volatility or gamma exposure,” Strijers added.
