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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Options Open Interest At Near 2021 Peaks, Will BTC Break Above $31,300?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Bitcoin Options Trading Volumes

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The total Bitcoin Options open interest, the number of open call and put orders, recently rose to $14.87 billion on June 30 before falling to $10.74 billion on July 4, on-chain data on July 5 shows.

Related Reading: Valkyrie Follows In BlackRock’s Footsteps, Refiles For Spot Bitcoin ETF

At $14.87 billion, the total number of Bitcoin Options open interest at top trading platforms, mostly Deribit, CME, and OKX, stood at near all-time highs registered in October 2021 when prices went on to rally, printing all-time highs of over $69,000.

On October 21, the total Bitcoin open interest stood at $15.06 billion, a record high that has never been broken.

BTC Options At Near 2021 Peaks

Many traders seem optimistic about the future of Bitcoin, as open interest remains high and trending near the peak levels of October 2021. With a strong close to the first half of 2023, the expectation is for prices to continue rising.

The recent surge in Bitcoin prices, reaching new highs in June 2023 at $31,300, could be seen as a sign of overall bullishness, similar to the period before prices reached over $69,000 in November 2021.

BTC price on July 5| Source: BTCUSDT on Binance, TradingView
BTC price on July 5| Source: BTCUSDT on Binance, TradingView

This skew and apparent optimism can be shown by the distribution of “call” and “put” Bitcoin options across major crypto derivatives trading platforms of which Deribit dominates. For instance, as of July 5, over 65% of all Bitcoin options orders are “calls,” meaning more traders expect prices to rise from spot rates. At this level, roughly 206,000 BTC orders are placed as “calls.” 

Meanwhile, a minority of traders expect price contracts from spot rates towards $28,300 or lower in the coming months. About 99,000 BTC options have been placed as “puts” to align with traders’ expectations of worse prices in the coming months.

Bitcoin Traders Bullish

The same can be observed in trading patterns over the past 24 hours. Despite Bitcoin prices falling 2% but staying above the $30,000 psychological level, most options traders are bullish since there are more “calls” than “puts.” 

Typically, Options give the contract holder the right or the obligation to buy or sell the underlying asset at an agreed price on or before the expiry date. Mostly, options contracted are used by traders to mitigate risks. More “calls” could mean more BTC traders are optimistic, expecting the coin to clear recent resistance levels.

Based on recent trends, Options trading volumes have been decreasing on Deribit. After peaking at $3.29 billion on October 16, 2021, participation levels have been shrinking over the past 20 months. 

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Trading was suppressed throughout 2022 during the bear market, which saw Bitcoin drop below $16,000 in November 2022. Since then, Options trading volumes rose, peaking at over $2.3 billion in March 2023. It has since dropped below the $1 billion level when writing on July 5.  

Cover image from Canvas, chart from Tradingview

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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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
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