Bitcoin futures open interest totals $54.82 billion across major venues, equivalent to 695,020 BTC, with Binance holding the largest share at $11.24 billion. Aggregate interest dipped over one and four hours but remained higher over the past day, suggesting limited exposure trimming rather than a broad exit. CME ranked second with $9.15 billion, while the market has recovered from June’s mid-$40 billion range as bitcoin rebounded above $81,000 in late August. Bitcoin options open interest approached $44 billion, with calls representing 60.89% of positions. However, puts accounted for 54.49% of the latest 24-hour options volume, indicating stronger recent demand for protection. Deribit, Binance and OKX show September 25 max-pain levels near $70,000 to $73,000, below bitcoin’s reported $78,425 price.