Bitcoin Options Traders Turn Bullish for the First Time in 12 Months

Bitcoin’s derivatives market has shifted its sentiment for the first time in twelve months. Traders are now paying more for upside exposure than for downside protection, according to data from Derive cited by Reuters.

Futures Open Interest Remains Strong

Overall futures open interest stands at $52.64 billion, equivalent to 676,820 BTC. Binance holds the largest share with 142,870 BTC ($11.11 billion), followed by CME with 108,630 BTC ($8.45 billion). Other notable venues include Gate, Bybit, MEXC and OKX.

Calls Outnumber Puts in Options Market

Calls account for 305,530 BTC (61.39% of total options open interest) while puts represent 192,126 BTC (38.61%). 24‑hour call volume was 18,892 BTC compared with 12,498 BTC for puts.

Key Strike Levels

• $70,000 call – 10,956.7 BTC OI
• $85,000 call – 9,492.8 BTC OI
• $70,000 put – 9,426.8 BTC OI
• Significant exposure also sits at $80,000, $90,000 and $100,000 strikes.

Positive 25‑Delta Skew

The 25‑delta skew turned positive on August 20, indicating that traders are now willing to pay a higher premium for bullish calls than for protective puts.

Max‑Pain Levels Remain Below Spot

Deribit’s September 25 max‑pain is near $72,000, while the December 25 max‑pain sits around $71,000. Binance’s own max‑pain estimate for September 25 is approximately $75,000.

Market Context

Bitcoin is trading around $78,278, still roughly $50,000 below its October 2025 peak of $126,000. Despite the bullish tilt in options, the price remains well above the max‑pain levels, suggesting that sentiment has shifted but price action has yet to confirm the upside bias.