Bitcoin derivatives exposure is rebuilding as the cryptocurrency trades around $84,000, with futures open interest approaching $60 billion and options open interest exceeding $50 billion. Existing options positioning is call-heavy, with calls representing 59% to 60% of open interest, but recent trading has turned defensive: puts made up 58.2% of 24-hour options volume. Deribit and OKX show Sept. 25 max pain near $76,000, below bitcoin’s $84,416 spot price, while nearly $16 billion in options is due to expire that day. Futures leverage has been trimmed at several venues even as funding remains mostly positive and short liquidations have exceeded long liquidations during major recent episodes. Deribit’s largest positions target $90,000 to $100,000 bitcoin prices for Oct. 30, while the most heavily traded contract shown is a Thursday $80,000 put.