Total open interest (OI) in bitcoin options has climbed near $65 billion — the highest ever recorded. The market is humming with leverage, conviction, and just enough nerves to keep everyone awake.

Deribit, the current heavyweight of crypto options, is seeing a flood of activity. Volume has exploded in recent weeks, pushing into multi-billion-dollar territory daily. This week’s session has been among the year’s busiest, hinting that even short-term players are diving in before volatility decides which way to bite.

Bitcoin options open interest according to Coinglass stats on Oct. 23, 2025.

The split between calls and puts paints a fascinating picture. Open interest still favors the optimists — 57.96% calls (301,842.96 BTC) versus 42.04% puts (218,924.29 BTC) — showing that more traders are betting on upside continuation.

But zoom in on the last 24 hours, and the tone shifts: puts made up 55.66% (32,133.77 BTC) of volume, outpacing calls at 44.34% (25,597.3 BTC). Translation? Long-term bulls, short-term hedgers — the perfect cocktail for fireworks.

Strike positioning suggests traders are targeting the moon — or at least the stratosphere. Deribit’s biggest open-interest clusters sit at $140,000, $150,000, and $200,000 for December 2025 expiries. Those high-flying call stacks show traders dreaming big, while puts at $85,000 and $80,000 signal where the nervous money lives.

Then there’s “max pain,” the level where the most traders lose the most money. Coinglass data currently pegs that zone between $108,000 and $114,000, right where BTC is currently waltzing. If prices drift sideways, options writers will be smiling; if BTC breaks away, someone’s about to get burned.

Put together, the derivatives picture screams high-stakes poker. Record open interest, ballooning volume, lofty call strikes, and a battlefield around the $110K line make this one of the most tightly wound setups of the year. Traders are either about to get very rich — or very humbled.

• What is bitcoin’s price now? About $110,614 per coin at press time.
• How high is open interest? Total BTC options open interest has hit a record, nearing $65 billion.
• Who’s winning between calls and puts? Calls lead open interest, but puts dominated daily trading volume.
• Where is max pain? Around $108,000 to $114,000, where most options expire worthless if BTC stays flat.

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