Bitcoin Derivatives Heat Up: Futures Open Interest Grows Nearly 6% in 24H

The bitcoin futures market represents agreements to buy or sell BTC at a predetermined price on a future date. A key metric, open interest (OI), reflects the total value of active, unsettled contracts. Current data shows total bitcoin futures OI stands at 699,230 BTC, valued at $76.21 billion. This represents the total capital currently committed in active futures bets.

Over the past 24 hours, total bitcoin futures OI increased by nearly 6% at approximately 5.84%, indicating traders opened more new positions than were closed. Shorter-term changes were mixed, with a 0.96% dip in the last hour and a 0.45% decrease over four hours. The ratio of OI to 24-hour trading volume sits at 0.7535, suggesting moderate leverage relative to recent activity.

Exchange-specific data reveals concentration. The top exchange, CME, holds 154,050 BTC ($16.78B), commanding 22.01% of the total market. Binance follows with 113,790 BTC ($12.40B, 16.27% share). Other major players include Bybit ($8.05B, 10.56%), Gate ($8.39B, 11.00%), and OKX ($4.33B, 5.67%). Kucoin, Bitget, WhiteBIT, BingX, and MEXC hold smaller shares. Most exchanges saw positive 24-hour OI growth, led by Kucoin (+14.27%) and Gate (+10.99%).

Shifting the focus to bitcoin (BTC) options, these contracts grant the holder the right, but not the obligation, to buy (call) or sell (put) BTC at a set price by an expiration date. Current total options open interest shows a clear bullish bias. Calls represent 61.91% of the total OI (206,996.98 BTC), significantly outweighing puts (127,344.66 BTC or 38.09%).

This bullish sentiment is even stronger in recent trading activity. Over the last 24 hours, call option volume made up 63.31% (31,650.39 BTC) of all options traded, compared to 36.69% (18,343.10 BTC) for puts. This indicates traders are actively positioning for potential price gains. Specific contracts dominate Deribit’s open interest rankings. Large call options like the Sept. 26, 2025 $140,000 Call (7,756.8 BTC) and July 25, 2025 $120,000 Call (6,663.5 BTC) lead the way. Volume leaders include the same near-term calls and significant put options like the Sept. 26, 2025 $80,000 Put.

Current derivatives data leans bullish. The expansion in bitcoin futures open interest, particularly over 24 hours, signals increased market participation and capital commitment. More decisively, the bitcoin options market exhibits a strong preference for calls in both open positions and recent trading volume, indicating a majority of options traders are positioned for potential upside in bitcoin’s price action. The combined data suggests a prevailing expectation of price strength among derivatives participants.

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