Open interest in bitcoin options reached $45 billion

The figure exceeded $40 billion

Deribit’s share of open interest in bitcoin options has reached 90%

27.06.2025 - 14:15

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2 min

What’s new? On June 27, open interest (OI) in bitcoin options on Deribit, the leading centralized crypt derivatives exchange, surpassed the $40 billion mark. Cumulatively across all platforms, OI rose above $45 billion, and Deribit updated its historic high, taking almost 90% of this segment of the crypto market.

Information on the exchange’s website

What else is known? According to Deribit itself, June 27 marked the expiration date for 139 000 BTC contracts worth about $15 billion in face value.

The put/call ratio was 0,75, signaling more bull bets versus hedging. The maximum pain point remained at $102 000.

Options grant the right, but do not obligate holders to buy (call) or sell (put) at predetermined prices. A call implies a bullish bias and expectation of rising prices, while a put allows for a hedge against market downturns.

In addition, Deribit settled 939 000 Ethereum contracts, equivalent to $2,29 billion in face value. The put/call ratio was 0,52 and the maximum pain point was $2200.

Thus, the exchange set a new record for the volume of Friday’s expiration of contracts on the largest cryptocurrencies, the previous maximum was set in March at $14,3 billion.

As a result of the expiration, BTC lost 0,4% over the day, its price at the time of writing amounted to $106 736, and Ethereum fell by 0,5% to $2428.

In May, the trading volume on Deribit grew by 24% over the month and exceeded $37 billion. At the same time, traffic fell 9% to 510 000 visits. The main audience accessed the platform from Singapore (18%), Hong Kong (14%), and the UK (13%).

Hong Kong’s securities regulator will allow crypto derivatives trading

This type of product will be available to professional investors.

In addition, in May, leading US crypto exchange Coinbase bought Deribit for $2,9 billion, making it the largest M&A deal in the crypto space. As part of the deal, $700 million was paid in cash, while the rest was provided in the form of shares.

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