Critical Metric in Bitcoin Hits All-Time High – Analysts Discuss

Digital asset derivatives exchange Deribit reached an all-time high in options open interest today, exceeding $37.6 billion in Bitcoin and Ethereum contracts, data showed, bringing total platform open interest to $40.8 billion.

“The record open interest is not just a reflection of rising prices; it also points to greater options adoption in the crypto derivatives space,” said Deribit CEO Luuk Strijers. “As institutional participation deepens, we expect continued growth in open interest, which will contribute to the stability and maturity of the crypto derivatives landscape.”

Deribit also reported record trading volumes across both futures and perpetual contracts. Bitcoin futures volume reached $1.42 billion, while Bitcoin perpetual contracts stood at $1.07 billion. Ethereum futures and perpetual contracts also saw similarly high volumes at $329.5 million and $304.4 million, respectively.

According to Kaiko Research, demand for Bitcoin options on Deribit has increased as the price of Bitcoin approaches $90,000. On Monday, Bitcoin options trading volume reached $8.2 billion, including $5 billion in call options, signaling a strong bullish trend in the market. Kaiko analysts noted that since November 6, the day after the US election, there has been significant demand for call options with a call price between $90,000 and $120,000 for a December 27 expiration.

“Options activity on Deribit suggests that investors expect the current rally to continue through the end of the year,” Kaiko analysts wrote. Kaiko also observed that perpetual-term funding rates have turned positive, reflecting increased bullish interest. However, rates remain below levels seen in March, when Bitcoin reached its previous all-time high, suggesting that the rally was not primarily driven by excessive leverage.

*This is not investment advice.