Bitcoin's options market, with open interest near $55.76 billion, shows heavy concentration around a December 26, 2025, expiry date and $100,000 strike levels. This positioning influences hedging activities and potential market flows as the spot price hovers around $92,480. Traders and dealers are closely watching these levels for impacts on liquidity and price movements.
The Bitcoin options market currently holds total open interest of approximately $55.76 billion, dominated by Deribit at $46.24 billion, followed by CME with $4.50 billion, OKX at $3.17 billion, Bybit at $1.29 billion, and Binance at $558.42 million. Spot trading occurs around $92,479.90, while the options curve heavily favors the December 26, 2025, settlement date. Strikes cluster around $100,000, with significant call options at that level and increments like $110,000, $120,000, and $130,000. Puts accumulate more densely between $70,000 and $90,000.
Max-pain levels for near-term maturities sit in the low-$90,000 range, shifting toward $100,000 for the year-end cluster. Gamma exposure concentrates between $86,000 and $110,000, with the flattest area from mid-$90,000 to $100,000. This setup indicates where dealers hedge most actively, potentially pinning price movements or accelerating them upon breakout.
Options serve dual roles: transferring directional risk and prompting spot and futures hedging by dealers. High open interest at a single expiry like December 26 bunches hedging and unwinds around that date. Year-end timing aligns with quarterly listings near holidays, fund risk management, and tax considerations, leading to thinner liquidity and predictable flows.
Post-expiry, the market may experience shifts as gamma clears and hedges unwind. If the $55.76 billion in notional rolls forward to similar strikes, the $100,000 level could persist as a key reference. Reduced exposure might create less friction for price travel. CME's regulated activity complements Deribit's crypto-native flows, reinforcing these levels when aligned with ETF and basis trades.
For non-options traders, these concentrations act as liquidity landmarks, with max-pain and gamma providing context on engaged market machinery rather than precise targets.
