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Bitcoin (BTC) options traders are signaling a renewed appetite for upside exposure, as overall open interest jumped and the market’s positioning tilted further toward ‘calls’. The shift suggests investors are increasingly expressing medium-term bullish expectations, even as short-dated flow remains more balanced.
As of Wednesday, April 8 at 00:00 UTC, data compiled by CoinGlass showed total Bitcoin options open interest (OI) at $33.7 billion, up 8.2% from $31.15 billion a day earlier. Calls accounted for 56.94% of outstanding contracts, while puts made up 43.06%, indicating a clear preference for bullish structures in accumulated positioning.
Aggregate Bitcoin options trading volume over the same period was about $3.24 billion. By venue, Deribit led activity with roughly $2.91 billion, followed by Binance at $829 million, Bybit at $823 million, OKX at $444 million, and CME at $45 million. Despite the call-heavy OI profile, the 24-hour volume split was comparatively even—51.53% calls versus 48.47% puts—suggesting that traders are still actively using puts for near-term hedging or volatility plays.
The largest concentrations of open interest were clustered around standout strike levels on Deribit. The most heavily positioned contracts included a $120,000 call expiring Dec. 25, a $80,000 call expiring May 29, and a $60,000 put expiring Dec. 25. The mix highlights a market simultaneously building optimistic upside targets while maintaining downside protection at psychologically important levels.
Shorter-dated activity, however, leaned toward defensive demand at lower strikes. The most actively traded contracts over the past 24 hours were a $62,000 put expiring April 24, a $65,000 put expiring April 24, and a $74,000 call expiring April 10—an arrangement consistent with traders positioning for near-term swings while keeping some exposure to upside breakouts.
Options are often used to express directional views with leverage or to hedge existing spot and futures positions. In this context, the sharp rise in OI is typically read as evidence of ‘new positioning’ entering the market—more consistent with investors placing medium-term bets rather than simply rotating short-term trades. At the same time, the relatively tight call-versus-put volume split underscores that a bid for protection remains present, even as broader positioning reflects a more constructive outlook for Bitcoin.
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