Bitcoin Options Market Shows Bullish Bias Amid Volatility Concerns

Bitcoin's options market positioning remains bullish in both the medium and near term, as evident from rising open interest (OI) and a clear call bias. According to CoinGlass data, total Bitcoin options OI stood at $34.13 billion on July 29, up 2.62% from the previous day.

The composition of outstanding positions shows that calls account for 66.03% of total OI, while puts represent 33.97%. However, the flow data suggests a more balanced picture, with calls making up 51.34% and puts representing 48.66% of recent volume.

The near-term focus is on how positioning around the July 31 expiry unwinds, which can amplify short-term volatility. The largest concentrations of open interest were clustered at upper strike levels for the July 31 expiry, particularly at $72,000 and $70,000 calls.