CME's bitcoin options open interest dropped from a peak near $290 million in late November to roughly $30 million to $40 million by mid June, according to Cryptoquant data. Put open interest still outweighs calls on most trading days, a pattern that has held since July 2025. The decline tracks bitcoin's retreat from levels above $120,000, while traders concentrate positions in near-term contracts rather than spreading risk further into 2026 and beyond.
Binance Leads Futures Open Interest at 131.97K BTC
Bitcoin futures open interest across exchanges shows Binance leading all venues with 131.97K BTC in open interest, worth $8.42 billion, good for an 18.22% share of the market, per Coinglass data. CME ranks second among the listed venues at 106.03K BTC, or $6.77 billion, holding a 14.64% share with an open interest to volume ratio of 1.1547.
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Gate and Bybit sit close together at roughly 60K BTC each. MEXC holds 71.30K BTC. Smaller venues like Bitget, BingX, and Bitunix round out the rankings, with BingX posting an 18.41% drop in open interest over 24 hours. Exchange-wide BTC open interest in dollar terms has fallen from highs above $90 billion last October to a range closer to $60 billion to $70 billion now.
Deribit Call Open Interest Reaches 303,642.92 BTC
On Deribit, calls outweigh puts in total open interest, 303,642.92 BTC versus 215,446.49 BTC, a 58.50% to 41.50% split favoring upside bets. The picture flips in 24-hour volume, where puts edge out calls, 11,148.96 BTC to 10,504.94 BTC.
The most active strikes on Deribit include the Dec. 25, 2026 $120,000 call, holding 7,526.9 BTC in open interest, and the July 31, 2026 $80,000 call at 7,118.9 BTC. Traders are also building positions on the downside, with the Dec. 25, 2026 $60,000 put carrying 6,224.1 BTC.
Max Pain Levels Range From $63,000 to $75,000 Across Exchanges
Max pain, the strike price where the largest number of options contracts expire worthless, varies by venue. On Deribit, near term max pain sits around $63,000 for this week's expiry, climbing toward $75,000 for contracts expiring in September and December 2026 before easing toward $72,000 by March 2027.
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Binance shows max pain near $66,700 for the closest expiry and a climb to $75,000 by the September and December 2026 dates, then a pullback to roughly $56,600 by late March 2027. OKX traces nearly identical territory, with max pain rising from about $69,000 to $72,000 by September and continuing upward toward $75,000.
Traders Position for Recovery With $120K Strike Calls
Total bitcoin options open interest across all exchanges has fallen to roughly $35 billion, down from a peak above $65 billion in October, according to Coinglass figures. The concentration of call open interest at strikes well above the current spot price shows traders positioning at the Dec. 25, 2026 $120,000 strike level.
When CME's options book is broken down by expiration, most contracts cluster in the one to two-month window. Longer dated positions, those expiring four months or more out, have thinned considerably since the fall.
FAQ
What happened to CME bitcoin options open interest between November and June 2026?
CME's bitcoin options open interest, measured in dollar terms, dropped from a peak near $290 million in late November to roughly $30 million to $40 million by mid June, according to Cryptoquant data. Put open interest still outweighs calls on most trading days, a pattern that has held since July 2025.
Which exchange leads bitcoin futures open interest?
Binance leads all venues with 131.97K BTC in open interest, worth $8.42 billion, good for an 18.22% share of the market, per Coinglass data. CME ranks second at 106.03K BTC, or $6.77 billion, holding a 14.64% share.
What is the max pain level for bitcoin options on Deribit in December 2026?
On Deribit, max pain climbs toward $75,000 for contracts expiring in September and December 2026, according to the data. Near term max pain sits around $63,000 for this week's expiry before easing toward $72,000 by March 2027.
