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Bitcoin options positioning shifts as $70,000 call overtakes $80,000

Open interest shows the $70,000 call is now the most popular strike, suggesting a lower ceiling for upside while dealers’ hedging above $70,000 could cap momentum.

Reported · Written up by our desk · Market Structure

CoinDesk reports that bitcoin’s options market has shifted in a way that may slow further gains toward $70,000. The most popular call option strike now sits at $70,000, based on open interest of $1.63 billion, compared with $80,000, which had led for the prior six months.

The change implies traders are no longer clustering as heavily around a higher upside target, with analysts previously pointing to a $60,000 to $80,000 trading range. CoinDesk adds that the $60,000 put remains the most popular bearish position, which could frame $60,000 as a key downside reference.

According to Options Insights founder Imran Lakha, dealers hold net long gamma exposure above $70,000, a structure that can lead them to short or sell into strength to stay hedged. CoinDesk says Lakha characterized that hedging as a brake on how quickly BTC can rise above $70,000, while noting ether is less exposed to the same dealer gamma dynamics.

CoinDesk also notes bitcoin was trading around $64,169.02, down nearly 1% since midnight UTC, with ether, XRP, and solana also slightly lower. It cited Alex Kuptsikevich of FxPro warning that sudden sell-offs tied to broader financial market shocks can quickly pull bitcoin and global equities lower.

Latest closeBitcoin $81,906.63 ▼1.4%|Solana $104.78 ▼1.8%|XRP $1.335 ▼2.2%

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