- The Bitcoin options market has hit new all-time highs for total value locked in options contracts, driven by activity on Deribit. The Options Open Interest marked a record $18.05 billion on November 10th.
- Deribit is contributing the majority of this momentum, with approximately $14.5 billion in open interest. The exchange also saw its options volume peak at $26.2 billion in the last 24 hours.
- Large call walls at $40,000 for November and December options expiries point to a bullish outlook. The total value of these call options doubles to $400 million by December 29th.
The Bitcoin options market is seeing unprecedented levels of activity, indicating growing confidence in crypto‘s largest asset. The total value locked in options contracts reached new all-time highs on November 10th, driven largely by activity on Deribit.
Surging Open Interest Signals Bullish Sentiment
The Options Open Interest, which represents the total capital allocated to options contracts, marked a record $18.05 billion on November 10th. This is equivalent to 491,000 BTC, highlighting the scale of activity in Bitcoin options right now.
According to data from Coinglass, Deribit is contributing the lion’s share of this momentum, with approximately $14.5 billion in open interest. The exchange also saw its options volume peak at $26.2 billion in the last 24 hours, the second-highest volume recorded this year.
Large Call Walls Point to Bullish Outlook
A look at the open interest of call and put options expiring on November 24th shows a large call wall at $40,000, representing over 5,500 BTC worth $203 million.
As we approach year’s end, the landscape evolves but call options remain concentrated at $40,000. However, their total value doubles to $400 million by December 29th, underscoring a bullish outlook.
The Takeaway
The flurry of activity in Bitcoin options represents growing confidence in crypto’s largest asset after a turbulent year. While the market remains volatile, the prevalence of large call options signals many traders are anticipating further upside by year’s end. Deribit is clearly the epicenter of this options frenzy, hosting the majority of volume and open interest.
