Bitcoin Options Market Shows Bullish Sentiment as Call Demand Surges

The Bitcoin options market is showing a bullish trend, with both open interest and recent trading volumes favoring calls. As of 2:30 p.m. KST on September 18, Deribit reported total open interest for Bitcoin options at 22,529 contracts worth approximately $175.3 million. Call options accounted for 12,690 contracts while put options totaled 9,839, resulting in a put/call ratio of 0.78. A ratio below 0.8 typically indicates bullish sentiment, with calls dominating the market and suggesting upward price expectations.

The maximum pain point, where option buyers would suffer the most losses, was identified at $77,500. The market shows significant open interest in $74,000 put options, indicating defensive positioning against downside moves and short-term volatility. Additionally, large open interest positions exist in $72,000 puts and $79,000 calls, reflecting a mix of bearish defense and bullish rebound expectations.

Overall, the most concentrated expiration dates for call options are at $80,000 (65% of total), followed by $90,000 and $85,000. The most traded contracts over 24 hours were put options with 13,968 contracts and calls with 13,050.4 contracts, showing a slight call dominance in short-term trading activity.