TokenPost.ai
Bitcoin (BTC) options traders appear to be clearing out leverage at scale, but positioning continues to lean bullish, with the largest concentration of open bets still clustered around a $120,000 year-end call option.
Data compiled by CoinGlass showed total Bitcoin options 'open interest' (OI) at $31.81 billion as of 1:00 a.m. ET on Sunday, little changed from the prior reading of $31.76 billion. The steadier day-to-day figure, however, masked a sharp weekly drawdown: OI was down roughly 17.6% compared with May 29, signaling a meaningful reduction in outstanding derivatives exposure across venues.
Despite the contraction, the market’s positioning mix remained skewed toward upside structures. Calls accounted for 59.37% of total OI, versus 40.63% in puts—an allocation that suggests traders are still maintaining 'bullish conviction' even as aggregate positioning resets. Over the past 24 hours, call options also led in activity, representing 57.74% of volume compared with 42.26% for puts.
Total BTC options trading volume was about $2.374 billion over the same period. By exchange, Deribit remained the dominant venue at $1.37 billion, followed by Bybit at $996 million. OKX posted $212 million, Binance recorded $145 million, and CME registered about $10 million, underscoring the continued concentration of crypto options liquidity on offshore, crypto-native platforms.
The largest OI clusters highlight where traders are placing their medium- to longer-term markers. The single most crowded contract was a $120,000 call expiring Dec. 25 on Deribit, reflecting a notable 'year-end upside' thesis. Next was a $60,000 put for the same Dec. 25 expiry—often interpreted as either a hedge against a deep drawdown or a volatility positioning tool—followed by a $80,000 call expiring July 31, also on Deribit.
Short-dated flows, meanwhile, were concentrated on Bybit’s June 1 expiries, where the most actively traded contracts over the last 24 hours included a $73,500 put, a $74,500 call, and a $73,000 put. The clustering around nearby strikes suggests traders are actively managing near-term price risk and gamma exposure rather than simply building longer-duration directional bets.
Market participants often watch the relationship between OI and trading volume to distinguish between longer-term positioning and tactical hedging. A drop in OI typically points to position closures or expirations outpacing new openings, while a call-heavy OI mix can coexist with put-heavy short-term volume during periods when traders seek downside protection against sudden volatility. In this case, the sharp reduction in outstanding exposure paired with persistent call dominance implies a broad deleveraging event—without a decisive shift away from upside expectations.
For the broader BTC market, the data suggests traders are reducing overall risk while keeping an eye on higher-end price scenarios into the end of the year. Whether the $120,000 strike remains a focal point will likely depend on spot-market momentum and how volatility is repriced as key macro and crypto-specific catalysts unfold through the summer.