Bitcoin options traders build $4.5bn in call bets as $95,000 strike dominates
Bitcoin call options make up 60.24% of outstanding interest, with 25,030.6 BTC sitting in Deribit's $95,000 strike for 30 Oct, while max pain estimates point far lower.
Why it matters: Billions in call exposure at higher strikes sits alongside lower max pain levels and cooling futures leverage, shaping how traders read the October expiry.
Key points
- Deribit's 30 Oct $95,000 calls hold 25,030.6 BTC in open interest, about $2.07bn at current prices.
- Bitcoin futures open interest stands at $51.7bn, down 1.59% over 24 hours.
Bitcoin options traders have built a large bullish position in call contracts, with the $95,000 strike emerging as the biggest single wager, Bitcoin.com News reports. Calls account for 60.24% of outstanding Bitcoin options interest, while puts hold 39.76%, according to CoinGlass data.
Deribit's 30 Oct $95,000 calls carry 25,030.6 BTC in open interest, roughly $2.07bn in notional exposure at current prices. Another 15,158 BTC sits in $90,000 calls and 14,561.8 BTC in $100,000 calls, putting the three contracts at about 54,750 BTC, or $4.53bn, at a Bitcoin price of $82,800.
Max pain sits lower
The picture is less clear elsewhere in the derivatives market. Max pain estimates for the 30 Oct expiry sit near $78,000 on Deribit and $81,000 to $82,000 on Binance and OKX, below the spot price. For 25 December, Deribit's estimate is near $75,000, Binance's falls toward $62,500 and OKX stays around $75,000. Max pain marks the settlement level that would minimise option-holder payouts, not a price forecast.
Futures open interest stands at $51.7bn, or about 624,450 BTC, down 1.59% over 24 hours. Binance leads venues with $10.78bn, followed by CME at $8.88bn, Bybit at $5.38bn and Gate at $4.34bn. Total Bitcoin options open interest has traded around $35bn to $40bn after spiking above $50bn in late September.
What to watch: The largest listed position, Deribit's $95,000 calls, expires on 30 October, with a further major expiry on 25 December.
Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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