Bitcoin (BTC) Futures and Options Markets Shatter Records This Week as Open Interest Surges to Unprecedented Levels

The total open interest in bitcoin futures reached an all-time high of $80.73 billion, representing 723,990 BTC in active contracts

Bitcoin futures and options markets have blitzed through records this week, with open interest surging to unprecedented levels as traders amplify bullish bets—including speculative calls for prices to hit $300,000.

The total open interest in bitcoin futures reached an all-time high of $80.73 billion, according to coinglass.com’s derivatives data. This equates to 723,990 BTC in active futures contracts, a seven-fold increase from the start of the year.

Futures allow investors to bet on bitcoin’s future price without buying the asset, with gains or losses settled in cash. The surge signals heightened speculation and institutional participation, particularly on regulated platforms like the Chicago Mercantile Exchange (CME).

CME's futures open interest now stands at $18.28 billion, accounting for 22.64% of the total. By contrast, retail-heavy exchanges such as Binance and Bitget saw double-digit growth in open interest over the past 24 hours, highlighting global demand across the board.

Meanwhile, bitcoin options—contracts granting the right to buy or sell at a set price by a specific date—reached $42.5 billion in notional open interest on Deribit, a leading crypto derivatives platform.

The put/call ratio of 0.61 reveals a clear bullish tilt, with traders overwhelmingly favoring calls (bullish bets). The most active strike prices are clustered between $100,000 and $120,000 for June and July expiries, coinciding with expectations for a near-term rally.

However, what stands out are the emerging open interest for $300,000 call options. While these contracts represent a minority compared to lower strike prices, their presence is noteworthy given the required bitcoin price surge—over 350% from current levels.

Such "out-of-the-money" calls are typically low-cost, high-risk wagers, and their popularity suggests some traders are envisaging extreme upside scenarios. This could be driven by macroeconomic shifts, regulatory developments, or a combination of factors.

The futures rally aligns with growing institutional engagement, with CME's bitcoin open interest increasing 2.8% in 24 hours. In contrast, retail-focused platforms like Binance and Whitebit posted sharper gains, up 5.19% and 7.63%, respectively.

Often, elevated open interest can precede volatility, as large leveraged positions can amplify price swings. In the options markets, June 2025 expiries are heavily concentrated, with over 65,000 contracts open. This batch of long-dated calls on BTC signals traders are positioning for sustained upward momentum.

While $300,000 strikes remain speculative, their presence showcases the market's appetite for asymmetric bets—a hallmark of the current risk-on sentiment.

Bitcoin's derivatives boom parallels its spot price resurgence, with both markets reflecting optimism about its medium-term trajectory. However, the scale of leveraged activity might warrant caution, as unwinding large positions could exacerbate price declines. For now, the data paints a picture of a market bracing for volatility—and banking on historic gains.