Bitcoin Options Open Interest Hits Record $50B on Deribit Amid Active Downside Hedging

A bearish wager that Bitcoin (BTC) could fall to $100,000 or below is now matching the popularity of bullish bets on higher prices.

The options market has emerged as a resilient segment of crypto trading, demonstrating robust activity across both bullish and bearish conditions.

On Deribit, the largest BTC options platform, activity continues to surge 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. The notional open interest—the total dollar value of active contracts—also hit an all-time high of $50.27 billion, according to Deribit Metrics.

“Despite ongoing pricing 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, in a CoinDesk interview.

Year-to-date, open interest in contract terms has more than doubled, reflecting resilience as BTC fell from $110K to $75K earlier this year, then rallied past $126K before pulling back to around $108K.

The market’s relative inelasticity to price swings highlights the strategic versatility of options, which allow traders to bet not only on direction but also on volatility and time, helping manage market exposure under varying conditions. A call option gives the holder the right—but not the obligation—to buy BTC at a predetermined price, while a put option allows the right to sell.

Active Downside Hedging

The latest record in BTC open interest is driven by growing demand for put options, which protect against downward moves. Notably, the $100,000 strike put has nearly $2 billion in notional open interest, making it almost as active as the $120,000 and $140,000 strike calls. This put represents a bet that BTC’s spot price will drop below $100,000.

“Unlike previous records, this new OI milestone features a notable concentration of put open interest around the 100K strike, highlighting active downside hedging by market participants. At this single strike, Deribit shows more than 19,000 contracts open, representing over $2 billion in notional value,” Strijers said.

He added that puts are still trading at a premium to calls, though the relative richness has softened in recent days, with some traders targeting higher strike, out-of-the-money calls.

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