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Deribit Bitcoin Options Open Interest Reaches $31.3 Billion, Surpassing BlackRock’s IBIT

Deribit’s Bitcoin options open interest reached $31.3 billion on May 21, exceeding BlackRock’s $27 billion IBIT ahead of a $6.25 billion May 29 expiry with positioning concentrated near $75,000 and $80,000.

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Summary

Deribit’s Bitcoin options open interest rose to $31.3 billion on May 21, surpassing BlackRock’s iShares Bitcoin Trust (IBIT) at $27 billion, ahead of a $6.25 billion Bitcoin options expiry on May 29. The expiry covers 80,535 contracts, including 43,184 calls and 37,351 puts, for a put/call ratio of 0.86. Bitcoin was trading near $77,250, the max pain level stood at $75,000, and the largest put and call positioning was clustered at $75,000 and $80,000 respectively, underscoring the scale of derivatives activity and the market’s focus on nearby strike levels.

Terms & Concepts
  • Open interest: The total number or value of active derivatives contracts that have not been closed or settled, often used to measure market participation.
  • Bitcoin options: Derivative contracts that give traders the right, but not the obligation, to buy or sell Bitcoin at a set price before expiry.
  • Max pain: A market concept referring to the price level where the greatest number of options contracts would expire with minimal value.