Deribit Sees Record $50B in Bitcoin Options as Traders Protect Against Declines

Bitcoin Options Open Interest Hits Record $50B on Deribit as Traders Hedge Downside

Bearish bets that Bitcoin (BTC) could drop to $100,000 or below are now nearly as popular as bullish wagers on higher prices, highlighting the growing sophistication of the crypto options market.

On Deribit, the leading BTC options platform, activity remains robust despite—or perhaps because of—recent downward price pressure. On Thursday, the number of active BTC contracts reached a record 453,820, each representing 1 BTC, while notional open interest—the total dollar value of all contracts—hit $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.

Year-to-date, open interest has more than doubled, showing resilience as BTC fell from $110K to $75K earlier this year, then rallied past $126K before pulling back to around $108K. Options allow traders to hedge volatility and timing risks, not just directional bets.

Calls vs. Puts
A call option gives the holder the right—but not the obligation—to buy BTC at a predetermined price, while a put option gives the right to sell. The latest surge in open interest is driven by growing demand for puts, which offer protection against downward price moves.

The $100,000 strike put alone holds nearly $2 billion in notional value, making it nearly as popular as $120K and $140K strike calls. This concentration highlights active downside hedging by market participants.

“Unlike previous records, this milestone shows a notable concentration of put open interest around the 100K strike. 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, some traders are increasingly targeting higher strike, out-of-the-money calls.

“Despite dominant bearish positioning, there are signs of renewed optimism. While put OI has increased at key downside strikes, call activity around 120K and above suggests traders are also positioning for potential upside volatility or gamma exposure,” Strijers added.

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