Bitcoin Options Show Bullish Sentiment as Traders Pile Into $72K and $80K Calls

Bitcoin traders piled $49.82 billion into open futures contracts this week, with options markets signaling bullish expectations as call options on Deribit outnumber puts by nearly two to one. The action spans major venues from CME to Binance, revealing a split between institutional buying and retail positioning.

On July 22, total bitcoin futures open interest across tracked exchanges reached 755,780 BTC, worth $49.82 billion, according to Coinglass. Binance holds the largest share at $9.24 billion, while CME ranks second at $6.97 billion. Notably, CME open interest rose 1.80% over the past day, diverging from declines at most other exchanges, suggesting institutional traders are adding exposure.

Options data on Deribit shows 65.88% of open interest in calls versus 34.12% in puts. The largest single position is the July 31 expiry $72,000 call with 26,265.5 BTC, followed by the $70,000 call. Traders also loaded December 25 expiry $80,000 calls, indicating conviction extending beyond the near term.

Max pain levels—the price where most options expire worthless—vary by exchange. OKX near-term max pain is around $66,000, climbing to $69,500 by late September. Deribit shows a similar peak near $69,500 by September. Binance presents the most bullish view, with max pain rising from $66,000 currently to $72,000 by late September, the highest among major exchanges.

CME bitcoin options open interest has recovered to roughly $50 million-$60 million, up from a low near $10 million in June. Puts have consistently outweighed calls in dollar terms, but the gap has narrowed as bitcoin’s price recovered.

Bitfinex analysts noted in a Tuesday research note that the price recovery is largely driven by derivatives positioning and a lack of sellers rather than fresh capital entering the market. Thirty-day trading volumes are at 62% of the annual average, and CME bitcoin futures open interest has dropped to its lowest since 2023. “This is an absence of selling, not a resumption of buying,” they stated. The put-to-call ratio on options has fallen to 0.56, reflecting fading downside bets.

Capital rotation remains narrow, with spot Ethereum ETFs drawing $105.4 million last week versus $75.7 million for spot bitcoin ETFs. The next key catalyst is next week’s Federal Reserve decision, as bitcoin has continued climbing despite firming Treasury yields.

Source: https://news.bitcoin.com/bitcoin-options-scream-bullish-as-traders-pile-into-72k-and-80k-calls/