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Bitcoin (BTC) options positioning held broadly steady on Wednesday, but short-term flow tilted defensively as traders concentrated activity in put contracts around the $70,000 strike—an indication that hedging demand remains elevated even as broader positioning still leans bullish.
As of 12:00 a.m. ET on May 28, data compiled by Coinglass showed total Bitcoin options 'open interest' (OI)—the notional value of outstanding contracts—at about $37.565 billion, up roughly 0.1% from the prior day’s $37.54 billion. Calls accounted for 57% of open interest versus 43% for puts, suggesting the market’s accumulated exposure continues to favor upside scenarios.
Trading activity, however, pointed in a different direction. Aggregate options volume was approximately $3.663 billion over the last 24 hours, with puts narrowly leading at 50.36% compared with 49.64% for calls. Deribit remained the dominant venue with about $1.76 billion in volume, followed by Bybit at $845 million, Binance at $580 million, OKX at $441 million, and CME at roughly $47 million.
In terms of positioning, the largest concentrations of open interest were seen in the $80,000 call expiring May 29 on Deribit, the $120,000 call expiring Dec. 25 on Deribit, and the $60,000 put expiring Dec. 25 on Deribit. The mix highlights a market holding both optimistic longer-dated upside exposure and sizable downside protection into year-end.
By contrast, the top contracts by 24-hour volume were led by the $70,000 put expiring June 26 on Deribit, followed by the $55,000 put expiring Sept. 25 and the $80,000 call expiring June 26. The prominence of near-dated puts alongside an actively traded upside call reflects a two-track approach: traders appear to be paying for short-term protection while keeping optionality for a rebound or volatility-driven upside move.
Options are derivatives that allow investors to express leveraged views on price direction or hedge existing exposures. A 'call option' confers the right to buy at a preset price by a specified date, while a 'put option' provides the right to sell—often used to protect against declines. Because open interest captures the stock of outstanding positions while volume reflects fresh turnover, a steady OI base with put-heavy short-term activity can signal that longer-term bullish structures remain in place, even as participants brace for potential near-term drawdowns or choppier price action.
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