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Bitcoin Options Open Interest Rises to $9.6 Billion as Crypto Derivatives Peak


According to the derivatives market data, the open interest of Bitcoin options has reached $9.6 billion. Meanwhile, the metric is nearing the high captured on January 7, 2021. Furthermore, the total open interest in bitcoin futures is firmly moving closer to record-breaking highs. Open interest indicates the total number of option contracts that are currently available. Open interests are contracts that have been already exchanged but have not been liquidated by an offsetting trade or an exercise or assignment. “Unlike options trading volume, open interest is not updated during the trading day”

While cryptocurrency spot markets where the settlements happen instantly have solidified, bitcoin-based derivatives markets have seen continuous progress. Presently, at the time of publication, the bitcoin futures and options open interest both are on a constant rising streak. 

Cryptocurrency experts and researchers at tweeted recently saying that “bitcoin futures open interest is quickly bouncing back to a new all-time high”. The CME Group (Chicago Mercantile Exchange) is the largest open interest “by some margin” according to Skew. information from exchanges that deal with bitcoin futures proves that open interest continues to rise. 

Okex and Binance the Malta-based crypto exchanges, and CME are the three leading exchanges holding the throne as of bitcoin futures open interest today. Okex stands first, followed by CME and Binance. The three top bitcoin derivatives markets are followed by Huobi, Bybit, FTX, Bitmex, Deribit, Bitfinex, Kraken, and Coinflex respectively.

Ethereum futures and options have recorded an increased demand in addition to the crypto asset’s spot markets moving towards all-time price highs, while bitcoin futures near new highs in terms of open interest. “Total ETH options interest is about $1.7 billion with Deribit commanding $1.5 billion. Deribit’s ETH options open interest of Derbit’s is followed by Okex ($153M), ($41M), and Huobi ($9.7M)”, as indicated by Skew analytics

Bitcoin options have increased tremendously in the first month/start of 2021. This increase is alongside the interest for crypto futures. With an expiry date set for January 29, 2021, the calculated notional value of all open bitcoin options trades is $9.6 billion.

The Deribit cryptocurrency exchange holds the most of BTC options with 84.37% ($8.1B) of open interest. Deribit is preceded by derivatives platforms such as Okex which is at $511M, at $470M, CME at $398M, Ledgerx which is at $176M, and Huobi at $9.4M.


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