Bitcoin derivatives markets are regaining strength, despite a context still marked by the recent correction. On Thursday, outstanding futures contracts reached $61.9 billion across all exchanges. The rise comes as the price was trading around $81,500, an area close to key levels watched by options traders.
In brief
- Bitcoin derivatives are on the rise again, with futures open interest near $61.9 billion.
- Platforms like Binance and CME concentrate a significant portion of positions, with a notable role of institutional investors.
- Options show a bullish bias in volume, but puts remain used to hedge correction risks.
- The $80,000 level remains central, as several options expiries are concentrated around this area.
Bitcoin regains strong interest in futures contracts
The bitcoin futures market shows a clear recovery in exposure. Total open interest reached 759,550 BTC, reflecting a considerable return of positions across the platforms. Binance held the largest share, with 144,730 BTC of open contracts, for a notional value of $11.79 billion.
However, the CME stood out on another indicator. Its ratio of open interest to 24-hour volume reached 2.0071, the highest on the leaderboard. This level indicates a notable institutional presence, as positions remain elevated relative to daily activity. On the CME, bitcoin futures accounted for 119,240 BTC, or $9.72 billion.
At the same time, theoverall open interest increased by 1.61% over 24 hours. The increase even reached 3.72% over four hours. Thus, the movement was not limited to one platform. BingX recorded the largest daily increase, with 17.81%. Conversely, Kucoin fell 17.25%, the steepest decline among major exchanges.
Options and max pain: the key market levels
On the options side, Coinglass data show an imbalance favorable to buying positions. Global open interest in Bitcoin options reached 272,501.92 BTC in calls, compared to 204,098.61 BTC in puts. The distribution was therefore established at 57.18% against 42.82%.
This trend appeared even clearer on the 24-hour volume. Call options accounted for 70% of trading, compared to 30% for puts. However, certain protective positions remained crucial. On Deribit, the $75,000 put option dated May 29 was among the largest open interest.
Total bitcoin options open interest was around $40 billion. This level marks a clear recovery after the floor of 14.68 billion observed in mid-2024. However, it remains below the levels reached when the price approached $120,000.
Max pain levels are concentrated from $78,000 to $81,000 on Deribit, OKX and Binance. On OKX, the level near $80,000 dominated for May 15. It then went down towards $75,000 for May 29, before rising again for the June 26 deadline.
Institutional investors maintain a cautious approach
The behavior of the CME shows a notable difference with the platforms more active with individuals. During a substantial portion of the first quarter of 2026, puts dominated calls. This period corresponded to a bitcoin price between $65,000 and $85,000.
This structure suggests that institutional players mainly use regulated options to hedge downside risk. Conversely, Deribit and OKX show more activity on call options, particularly in volume. The market therefore combines renewed appetite for risk and the need for protection.
Furthermore, open interest in futures contracts remains far from the peak at the end of 2025. It had then approached $90 billion, while Bitcoin was trading near $120,000. After a dip below 30 billion at the start of 2026, the return towards 62 billion indicates a gradual reconstitution of positions.
In the short term, BTC should remain influenced by option expiries, especially around $80,000. The Deribit deadline of June 26, with $14.52 billion in notional value, could weigh on the market balance in the coming months.
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