Bitcoin Options Market Shows Mixed Signals as Open Interest Drops

Bitcoin options market medium-term positioning remains tilted bullish, though defensive demand has marginally led short-term trading, reflecting cautious sentiment. According to CoinGlass data as of 9:40 a.m. KST on October 20, Bitcoin options open interest (OI) totaled $42.07 billion, down 0.50% from the previous day's $42.28 billion. Total options trading volume reached approximately $2.39 billion.

Open interest composition stood at 60.67% call options and 39.33% put options. On a 24-hour trading volume basis, calls accounted for 49.39% while puts made up 50.61%. The OI data shows call options maintaining clear dominance, indicating medium-term positions are more aligned with an upward price trajectory. However, the slight lead in put options on trading volume suggests defensive demand amid short-term volatility concerns.

The top contracts by open interest were: • $70,000 call option (September 25, Deribit) • $85,000 call option (September 25, Deribit) • $90,000 call option (September 25, Deribit).

Top contracts by 24-hour trading volume were: • $95,000 call option (October 30, Deribit) • $81,000 put option (September 20, Bybit) • $79,000 put option (September 25, Deribit).