Traders set their sights on Bitcoin’s next bull run as Deribit’s BTC options open interest climbs to a historic $42.5 billion.

Deribit Sees Bitcoin Options Open Interest Surge to Historic $42.5 Billion Amid Bullish Market Sentiment

Bitcoin’s rally past $111,000 has ignited unprecedented options trading on Deribit, with open interest reaching a record $42.5 billion, signaling strong bullish sentiment among traders.

Luuk Strijers, CEO of Deribit, told CoinDesk that the highest open interest clusters are found at the $110,000, $120,000, and an extraordinary $300,000 strike price for June 27 expiry contracts, underscoring traders’ confidence in further gains.

Options provide investors with the right to buy or sell Bitcoin at fixed prices, allowing sophisticated strategies to profit from or hedge against price moves. The dominance of call options at these strikes reflects growing expectations for a continued Bitcoin bull run.

“Over the last 24 hours, $120K and $130K call options for May and June expiry were the most heavily traded,” Strijers said. “The sizable open interest at these levels points to strong conviction on Bitcoin’s upside potential.”

Deribit commands about 80% of the global crypto options volume, and combined open interest across options and futures recently surpassed $45 billion.

Meanwhile, Coinbase is preparing to acquire Deribit in a $2.9 billion deal, marking a significant milestone in crypto derivatives expansion.