- Open interest for bitcoin options on Deribit exchange reached an all-time high of over $15 billion, surpassing the previous record set earlier this year.
- The increase in bitcoin options open interest to a new record high signals growing preference for options trading among cryptocurrency traders.
- With an 85% market share in bitcoin options, Deribit is seeing more sophisticated trading activity as open interest hits new highs, reflecting greater interest and use of options.
Bitcoin options trading has hit a new milestone, with open interest on the Deribit exchange surpassing $15 billion for the first time. This signals increasing demand for options as a strategic trading tool among cryptocurrency traders.
Open Interest Reaches New High
In the last 24 hours, open interest for bitcoin options on Deribit reached an all-time high of over $15 billion. This surpasses the previous record set earlier this year.
According to Deribit’s Chief Commercial Officer Luuk Strijers, total open interest in bitcoin options has also exceeded that of bitcoin futures for the first time. “This shift signifies the market’s evolving complexity and sophistication,” he noted.
The data from Deribit matches figures from The Block’s data dashboard. Across all crypto exchanges, bitcoin options open interest has hit a new record of $16.49 billion.
— BlockNews.com (@blocknewsdotcom) November 17, 2023
NEWS: #Bitcoin Options Open Interest on Deribit hits record $15 billion.
Total Open Interest just hit an all-time high of ~$19 billion.
That is ~$5 billion more than Bitcoin's Open Interest at its $69K all-time high. pic.twitter.com/JWf53x40qc
Growing Preference for Options Trading
The increase to a new all-time high suggests a growing preference for options among traders. Options can be used for positioning, hedging, or leveraging the recent volatility in crypto markets.
“It’s clear evidence of the market’s evolving complexity,” said Strijers. “There is currently a record-breaking $15 billion in notional open interest in BTC options on Deribit.”
With an 85% market share in bitcoin options, Deribit is seeing more sophisticated trading activity. The rise in open interest signals higher liquidity and more participants in the bitcoin options market.
While increased open interest reflects greater interest in bitcoin, it does not indicate whether sentiment is bullish or bearish. However, it does suggest traders see options as an increasingly important strategic tool amid the ongoing crypto volatility.
