Bitcoin Derivatives Boom: Futures Open Interest Surpasses $95 Billion
The Bitcoin derivatives market is on fire as futures open interest (OI) just broke the $95.2 billion mark, as spot prices hovered around $124,800 on Monday morning.
OI Hits New Record, Traders Take Risks
According to data from Coinglass, BTC futures open interest has increased by 3.1% in the past 24 hours, marking a new market record. This development shows that traders are not taking profits after the recent rally but continue to expand their positions.
“The casino lights are bright and chips are piling up,” a veteran trader commented. “This high OI is a sign that the market is playing big.”
CME and Binance Lead the Race
On the chart, CME continues to hold the top spot with $19.2 billion in OI, accounting for more than 20% of the total market – equivalent to an exposure of nearly 150,000 BTC. Binance follows closely at $16.8 billion (17.6%), while Bybit reaches $10.5 billion (11%). Other exchanges are Gate ($9.2 billion), OKX ($5.1 billion), and Bitget ($6.3 billion).
In the top 10, MEXC, WhiteBIT, BingX, and Kucoin continue to record double-digit growth, reflecting strong interest from retail traders. Notably, Kucoin's OI increased by 72% in 24 hours, an unusual jump that shows new money pouring in.
Options are heavily tilted toward the bulls
Not only futures, the options market is also "leaning" in an optimistic direction. According to Deribit, call options account for 61% of OI, overwhelming put options (39%).
The big call positions are concentrated at:
$140,000 (expires 12/27) with nearly 10,000 BTC OI
$200,000 (expires 12/27) with over 8,000 BTC OI
$125,000 (expires 10/31) with over 7,000 BTC OI
The “max pain” point is currently around the $118,000 – $122,000 range, close to the spot price, signaling that Q4 could see many unexpected fluctuations.
Bulls and bears set traps
Optimists look at record open interest, a strong call option ratio, and institutional inflows into CME as evidence of a new breakout.
Bears, on the other hand, warn: bullish positions are crowded, high open interest means greater margin squeeze risk, and any sharp correction could trigger a domino effect of liquidations.
Whichever side wins, the stage is set: derivatives are leading the way, and Bitcoin usually doesn’t miss an opportunity to create drama in the market.