Bitcoin was trading near $81,273 on Saturday, Sept. 19, up 4.2% over 24 hours, while futures open interest stood near $56.3 billion and options open interest near $42 billion. Together, the markets represented almost $100 billion in open derivatives exposure tied to Bitcoin. Binance held the largest reported futures position, with 144,810 BTC worth $11.77 billion, or 20.89% of the market. CME followed with 107,450 BTC worth $8.74 billion and a 15.5% share. Bybit and Gate each held about $5.36 billion, followed by MEXC at $4.78 billion, Hyperliquid at $3.47 billion and OKX at $3.12 billion. Futures open interest had risen from well below $50 billion since August as Bitcoin recovered toward $80,000, although short-term changes across venues were mostly limited to fractions of a percentage point. Calls represented 60.74% of Bitcoin options open interest, totaling 311,306.86 BTC, compared with 39.26% for puts at 201,232.2 BTC. Calls also accounted for 59.01% of 24-hour options volume, or 30,277.53 BTC, versus 21,028.15 BTC in puts. Deribit’s largest positions included Sept. 25 calls at $70,000, $85,000 and $90,000, while substantial exposure was also concentrated at $80,000, $82,000 and $100,000. Max pain, the strike where the most outstanding options would expire worthless, was near $72,000 on Deribit, $76,000 on Binance and $75,000 on OKX for Sept. 25, all below Bitcoin’s spot price. Those levels describe positioning rather than a forecast. Bitcoin moved between $75,038 and $81,710 during the week, with another source figure placing the weekly range at $75,038.12 to $81,674. The coming expirations will test how much of the accumulated derivatives positioning remains in place.