The Bitcoin (BTC) derivatives market showed signs of resuming activity on Thursday, with total futures and options open interest (OI) on an upward trend, with BTC trading around $121,280 in afternoon trading, following an intraday low of $120,923.
BTC options data reveals bullish trend with calls 59.57% vs. puts 40.43%
According to data from Coinglass, total open interest in BTC futures has reached approximately $100 billion, reflecting increased leverage and institutional positioning.
CME Exchange maintained its lead with 149.94,000 BTC ($181.7 billion) in OI, accounting for over 20% of the total market share. Binance followed closely with 131,83,000 BTC ($15.99 billion), increasing its OI by 1.74% in 24 hours. This represents new inflows from retailers and derivatives traders.
Bitcoin futures open interest via Coinglass on October 9, 2025.
Other exchanges also saw mixed performance. During the same period, OKX’s open interest decreased by 0.85% and Bybit’s by 1.23%. WhiteBIT recorded the largest 24-hour OI growth of +2.66%, indicating an increase in trading activity on the mid-tier platform.
On the options side, Deribit’s data shows a clear bullish bias, with 59.57% of total open interest in calls (264,371 BTC) compared to 40.43% in puts (179,430 BTC). Calls are also leading in 24-hour trading volume by 55.47% (32,398 BTC) compared to puts (26,009 BTC) by 44.53%, suggesting that traders are expecting the price to rise towards the end of the year.
Bitcoin options open interest via Coinglass on October 9, 2025.
The largest open interest is concentrated in long-term call options, contracts that bet that the price of Bitcoin will rise by the end of 2025. The most popular strikes include the December 2025 calls at $140,000, $200,000, and $120,000, suggesting that traders expect Bitcoin to continue rising in value over the next year.
Meanwhile, the maximum pain point, which represents the price level at which most options expire worthless, is hovering around $120,000, an area that could see gravitational pull as expiration approaches.
Market analysts said rising open interest and stable prices often signal accumulation or hedging activity rather than speculative blowouts. BTC derivatives continue to serve as a key gauge of institutional sentiment as both futures and options markets heat up.
💡Frequently Asked Questions
What is Bitcoin Open Interest (OI)?Open interest measures the total number of active derivatives contracts and indicates market participation and leverage.
Why is the CME advantage important?CME’s lead points to the involvement of institutional investors, as it primarily serves professional and regulated traders.
What does “maximum pain” mean in options trading?This is the price at which most option holders (both calls and puts) lose money at expiration.
Are BTC options traders bulls or bears?Current data shows a slight bullish bias, with more call options being held than puts.
How will an increase in OI affect BTC price movement?A high OI can amplify volatility, especially if traders exit leveraged positions during sharp price movements.
