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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Bitcoin Options Craze: OI Looks Set To Keep Printing ATHs, Glassnode Says

Keshav Verma
Keshav Verma
Last Updated: November 8, 2025 6:00 am
3 mins read
Bitcoin Options

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Glassnode has explained how the Bitcoin options Open Interest has been climbing recently and looks set to explore new all-time highs (ATHs).

Bitcoin Options Open Interest Has Already Bounced Back From Oct Expiry

In a new thread on X, analytics firm Glassnode has discussed about the Bitcoin options market. This segment of derivatives trading involves traders betting on future price moves through contracts giving the right (but not the obligation) to sell or buy the cryptocurrency at a set price.

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Earlier, perpetual futures was the main derivatives trading pathway that investors in the sector used, but recently, demand for options has grown enough to challenge the futures market.

One way to gauge interest in options is through the Open Interest, an indicator that measures the total amount of contracts related to the market that are currently open on all centralized exchanges.

Here is the chart shared by Glassnode that shows the trend in the Bitcoin options Open Interest over the last few months:

Bitcoin Options OI
The value of the metric seems to have been going up in recent days | Source: Glassnode on X

As displayed in the above graph, the Bitcoin options Open Interest reached a new record on October 31st. Shortly after, however, the metric saw a plunge due to the contract expiry.

Options contracts come with an “expiry” date, on which the contract get either exercised or automatically closed out. A large amount of these expiries coincided on October 31st, which is why the indicator saw a flush.

Interestingly, the options Open Interest has been quick to bounce back since then, with its value already halfway back to the ATH. Thus, it would appear demand for options is still alive and well.

From the chart, it’s apparent that a similar pattern was also witnessed after the previous major expiry, when the metric gradually recovered and explored new records. “The options market open interest looks set to keep printing new ATHs, expiry after expiry,” explained the analytics firm.

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Bitcoin At Increased Risk Of Falling To $88,500 Support, Glassnode Warns

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In terms of trading volume, activity related to the market has been at notable levels since Bitcoin fell below the $107,000 level, as the below chart shows.

Bitcoin Options Volume

How the volume related to the options market has changed over the past month | Source: Glassnode on X

As Glassnode noted:

Options volume has surged since we broke the 107K level and remains elevated showing the constant activities of the traders readjusting their positions and new traders coming in to put on some hedges.

As for whether investors are opening bearish or bullish trades with these moves, data suggests bearish bets, or “puts,” initially rose during the plunge, but then bullish bets, or “calls,” saw a surge as price rebounded. Once again, however, puts have seen a rise, indicating investors don’t trust a bottom has appeared yet.

Bitcoin Put/Call Ratio
The trend in the options volume put/call ratio over the last couple of weeks | Source: Glassnode on X

BTC Price

Bitcoin has retraced its recent recovery as its price is back at $100,900.

Bitcoin Price Chart
Looks like the price of the coin has been sliding down recently | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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