Bitcoin Options Surge to $63B, Is a Big Price Rally on the Way?

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TLDR

Bitcoin options open interest has surged to a record high of $63 billion, signaling strong bullish sentiment.
Deribit, the largest crypto options exchange, reported an all-time high of $50 billion in open interest.
Traders are focusing on higher strike prices with significant interest at $120,000, $130,000, and $140,000.
The put/call ratio on Deribit is 1.03, reflecting balanced sentiment with traders hedging but not betting on a significant sell-off.
A total of $5.1 billion worth of Bitcoin options will expire on Friday, with a max pain point at $114,000.

Bitcoin’s options market is experiencing an unprecedented surge in open interest (OI). The OI has reached a record high of $63 billion, with a focus on higher strike prices. This marks a strong indication of increasing bullish sentiment as traders position for potential Bitcoin price rallies.

Bitcoin Options on Deribit Reach All-Time High

Deribit, the world’s largest crypto options exchange, reports an OI record of $50 billion. According to the platform, this surge includes notable interest in options with strike prices above $100,000.

“Traders are positioning for volatility, with a concentration of OI at $120,000 and higher,” said Luuk Strijers, CEO of Deribit.

Bitcoin options open interest just hit an all-time high of $50B on Deribit, with puts at $100K gaining traction.

"While put OI has increased at key downside strikes, there’s notable call activity building around 120K and above, suggesting traders are positioning for potential… pic.twitter.com/WerxoPnqjc

— Deribit (@DeribitOfficial) October 23, 2025

The increase in OI suggests traders are betting on Bitcoin’s further price appreciation. Deribit has noted a growing interest in options with strike prices of $120,000, $130,000, and $140,000. These higher strikes reflect strong optimism about Bitcoin’s potential for continued growth.

Put/Call Ratio Reflects Balanced Sentiment

Deribit also observed a balanced put/call ratio of 1.03, indicating equal activity in long and short positions. This ratio suggests that while traders are hedging, they are not betting on a major sell-off. Around $5.1 billion in Bitcoin options will expire on Friday, with a max pain point of $114,000.

Though there’s an increase in put OI at lower strike prices, call activity at higher strikes prevails. “Traders are positioning for potential upside volatility,” said Strijers. The concentration of call options in the higher ranges reflects optimism that BTC could break through the $100,000 mark.

With open interest climbing, the market shows clear signs of bullish sentiment. Bitcoin options are indicating an expectation for major upward price movements in the near term. As traders actively position themselves, the outlook for Bitcoin remains optimistic.