Bitcoin Options Open Interest Soars to Record $42.5B on Deribit as Traders Eye Higher Price Targets

Bitcoin’s breakout above $111,000 has fueled an explosive surge in options market activity, with open interest reaching an all-time high of $42.5 billion on Deribit, the world’s leading crypto options platform.

Deribit CEO Luuk Strijers told CoinDesk that traders are positioning aggressively for continued upward momentum, concentrating open interest around strike prices of $110K, $120K, and an eye-popping $300K for contracts expiring on June 27.

Options contracts grant holders the right—but not the obligation—to buy or sell Bitcoin at predetermined prices, with call options indicating bullish bets and puts offering downside protection. The recent influx in call buying highlights growing optimism among market participants.

“The hottest strikes over the past day were $120,000 and $130,000 call options set to expire in May and June,” Strijers noted. “The concentration of open interest at these higher strikes shows that traders expect substantial upside in the weeks ahead.”

Deribit currently controls nearly 80% of the global crypto options market, and combined open interest across all crypto options and perpetual futures recently hit a record $45 billion.

Adding to the sector’s momentum, Coinbase is set to acquire Deribit in a $2.9 billion transaction, signaling a major expansion in the crypto derivatives landscape.