Bitcoin options: puts beat calls 54.87% as open interest falls
Bitcoin is trading around $66,810–$66,992 as traders turn defensive in derivatives. Bitcoin futures open interest (OI) across major venues fell to about $46.94B (703,140 BTC), led by Binance ($8.09B, 17.23% share) and CME ($7.24B, 15.42%). Over the past 24 hours, OI declined on CME (-0.49%), Binance (-0.96%), OKX (-0.31%), and Bybit (-0.20%), signaling reduced risk appetite.
In Bitcoin options, the bearish tilt is clearer. On Deribit, put volume outpaced calls by 54.87% to 45.13% in 24 hours, while Deribit’s OI remains call-heavy by share (56.75% calls vs 43.25% puts). Still, actual traded volume skewed toward puts: 9,512 BTC in puts vs 7,824 BTC in calls. The most active contract was the April 24 put at the $62,000 strike, used as downside protection if Bitcoin falls below that level before expiry.
Max pain also suggests near-term “gravity” above spot: Deribit’s April 24 max pain sits near $70K, with Binance (~$71,500) and OKX (~$71,000). Current spot is roughly $3,000–$4,000 below these concentrations, which can attract option-driven price drift toward settlement.
For traders, this is a mixed but cautious Bitcoin options read: defensive hedging is rising (puts leading), yet max pain positioning may limit free-fall as expiry approaches—making April 24 a key test level around $62K and $70K.
Bearish
The news points to cautious-to-bearish positioning in Bitcoin derivatives. First, Bitcoin futures open interest is contracting to about $46.94B, which usually means less leverage and weaker conviction behind bullish trends. Second, Bitcoin options show a clear behavioral edge for hedges: on Deribit, put trading volume is higher than call volume (54.87% vs 45.13%), and the $62,000 April 24 put is the most actively traded protection contract. That combination often appears during consolidation phases when traders expect limited upside and want downside insurance.
However, max pain levels sit above spot (April 24 around $70K on Deribit; ~$71K–$71.5K on Binance/OKX). Historically, when price is below max pain concentrations, dealers/market makers may have incentives for price to drift toward the settlement zone, which can reduce the odds of a sharp immediate sell-off into expiry. So the bearish signal is more about near-term bias and hedging demand than an outright breakdown forecast.
Short term (into April 24), expect choppy action with downside hedges staying bid, while upside may be capped by overhead strikes and the need to pay up for protection. Long term, the direction is less certain because OI is falling on both futures and options—similar to prior mid-cycle consolidations where the market stabilizes before the next directional move.