59% of Bitcoin Options Are Calls Targeting $140K Strikes
Data from a leading derivatives exchange shows that 59% of open interest in the Bitcoin options market is now in call options, marking a clear bullish skew. Traders are focusing on $140,000 strike prices for upcoming expirations, with call open interest at this level surpassing $200 million. The put-to-call ratio has fallen below 0.8 as bullish bets outnumber bearish positions. Overall options open interest has climbed above $10 billion, driven by growing demand for leveraged long exposure. Historically, similar call dominance in the Bitcoin options market preceded sharp price rallies. For traders, this suggests potential volatility ahead: heavy call skew can trigger gamma squeezes if spot prices approach these high strikes. Market participants may adjust hedges and risk management, as the bullish Bitcoin options market sentiment could translate into upward pressure on Bitcoin’s price.
Bullish
The 59% call dominance in the Bitcoin options market reflects strong trader conviction in future price gains. Historically, similar call-skewed periods—such as early 2021—preceded major Bitcoin rallies. Heavy out-of-the-money call buying can create gamma squeezes, amplifying short-term volatility if spot prices move toward high strikes. In the longer term, sustained bullish positioning often translates into increased spot demand and upward price momentum, as hedgers buy or sell underlying Bitcoin to manage delta exposure. Overall, the prevailing call bias suggests a bullish outlook for Bitcoin in both short- and mid-term horizons.