Bitcoin Options Open Interest Reaches an All-Time High of $18 Billion

4 weeks ago

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Quick take

The Bitcoin options market is seeing an unprecedented rise, indicative of growing investor confidence and potential market trends. Options open interest, which represents the total funds allocated to options contracts, reached an all-time high on November 10 with a notional value of $18.05 billion, or the equivalent of 491,000 BTC. The lion’s share of this dynamic can be attributed to Deribit, with a contribution of approximately $14.5 billion, according to Coinglass.

Open Interest Options: (Source: Coinglass)

Additionally, options volume on Deribit, defined as the total trading volume of options contracts over the past 24 hours, peaked at $2.62 billion, making it the second highest volume recorded this year, according to Coinglass.

Notably, the total open interest of calls and puts by strike price for a specific contract scheduled for November 24 highlights a “call wall” at $40,000. This represents 5,528 Bitcoins in terms of call options, with a notional value of $203 million, according to Deribit. However, the landscape is changing as we approach the end of the year.

Options by strike price, November 24: (Source: Deribit)

As of December 29, call options remain essentially at $40,000, but the notional value has reached a staggering $400 million, double the previous figure.