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Bitcoin options open interest concentrates at $70,000 and $72,000 strikes

Deribit data show the $70,000 and $72,000 calls together make up nearly $5 billion of about $28 billion in total BTC options open interest, roughly 18% of the platform total.

Reported · Written up by our desk · Market Structure

CoinDesk reports that Bitcoin options on Deribit are heavily concentrated around the $70,000 and $72,000 call strikes, with calls substantially outnumbering puts at both levels.

The two strikes combined for nearly $5 billion in notional open interest, about 18% of Deribit’s roughly $28 billion total BTC options open interest. Laevitas data cited by CoinDesk show approximately 39,000 active contracts at the $70,000 strike versus about 3,800 puts, and roughly 37,900 calls versus about 1,200 puts at $72,000.

CoinDesk also notes that the concentration has been linked to large upside positioning, including bull call spreads and outright call buying. Traders associated the demand for these upside bets partly with optimism around the CLARITY Act, though CoinDesk says positions have been scaled back recently.

Additional structures cited include bull call spread activity centered on buying the $70,000 call and selling the $72,000 call, which Laevitas said accounts for about 49% and 50% of total call open interest at the $70K and $72K strikes, respectively.

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