Bitcoin Options Traders Position for December With Heavy $120K and $140K Strikes
Bitcoin is trading above $103,000 after briefly dipping below $100,000, with its derivatives markets showing high activity. Bitcoin futures open interest (OI) stands at $70.24 billion, led by CME with $14.35 billion and Binance at $12.45 billion, while options OI exceeds $50 billion, with a call-to-put ratio showing a mildly bullish sentiment. Traders focus on December expiration with key options targets at $140,000, $85,000, and $200,000. Max pain levels suggest bitcoin may stabilize around $105,000 (Deribit) or $110,000 (Binance). Activity in smaller derivatives venues and sharp OI increases signal heightened volatility ahead as traders anticipate bitcoin's next major move.
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Bitcoin Recovers Above $103,000 After a Brief Dip
By 11 a.m. Eastern time on Wednesday, bitcoin is trading above $103,000 following a short-lived dip below the six-figure mark the day prior. However, the real action is happening in the derivatives market, where trading activity remains a key focus.
Bitcoin Futures: Rising Open Interest and Market Leaders
According to data from Coinglass, total bitcoin futures open interest (OI) stands at 677,750 BTC, worth approximately $70.24 billion, reflecting a 3.47% increase in just 24 hours.
The CME leads futures markets with $14.35 billion in OI (20.42% market share), followed closely by Binance at $12.45 billion (17.72%). Smaller platforms showed mixed results: OKX recorded the sharpest 24-hour jump of 4.12%, while Bybit fell 2.03%, Gate dipped 0.42%, and Kucoin dropped 2.97%.
Notable Shifts in Futures Market
MEXC captured attention with an explosive 17.45% OI rise over the past day. Similarly, BingX logged a 9.32% increase, suggesting that smaller venues are attracting more short-term leveraged plays. This trend emerges as traders reposition following bitcoin’s 7% weekly spot market drawdown.
Bitcoin Options: Deribit Dominance and Bullish Bias
On the options front, Deribit dominates, accounting for the majority of bitcoin’s options open interest. The total BTC options OI hovers just over $50 billion, with calls representing 61% of interest and puts comprising 39%.
Over the past day, calls made up 60.73% of volume, reflecting a cautiously bullish sentiment despite recent volatility.
Key Options Strikes and Max Pain Levels
The most active trades on Deribit include call options targeting $140,000 per coin, alongside significant put positions at $85,000 and speculative calls at $200,000. This diverse activity indicates that traders are both hedging against potential losses and betting on a potential price rally before year’s end.
The max pain level — the price causing the most losses for options holders — sits at $105,000 on Deribit and $110,000 on Binance, suggesting options writers aim to keep prices near these levels.
Summary: A Buzzing Derivatives Market
Bitcoin’s derivatives market continues to thrive with CME and Binance dominating futures trading, while Deribit leads in options. The market hints at tightening volatility heading into mid-November, with leverage rebuilding and open interest climbing.
Looking forward, traders are gearing up for bitcoin’s next major price movement, though the direction remains uncertain.
Frequently Asked Questions (FAQ)
❓ What is bitcoin’s current futures open interest? Bitcoin futures OI is $70.24 billion across exchanges, led by CME and Binance.
❓ What is the call-to-put ratio for BTC options? Calls account for 61% of options OI, signaling a mildly bullish sentiment.
❓ What are the key BTC options strikes on Deribit? The most active strikes are $140,000, $120,000, and $85,000.
❓ What’s bitcoin’s current max pain level? Around $105,000 on Deribit and $110,000 on Binance.