Short-term Bitcoin options contracts that settle toward the end of the year have seen open interest clustered around that strike price for calls, according to data from crypto derivatives exchange Deribit by Coinbase. There has also been a moderate increase in demand for puts, as traders seek downside protection from a pullback after the rally.
“We currently see the largest notional open interest on record for Bitcoin futures and perpetual contracts even after a bunch of ‘buy-to-close’ liquidations,” said Greg Magadini, director of derivatives at Amberdata. “The market rally has caught people by surprise, we aren’t at the top yet, especially as many traders shorted this market.”
Bitcoin topped $125,000 for the first time just after midnight Saturday in New York, as the around-the-clock nature of the crypto market and decreased liquidity likely allowed bullish traders to push the price through that threshold.
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First Published: Oct 7, 2025 9:18 AM IST