Bitcoin Options Market Tips Toward Cautious Optimism with Calls Leading Exposure
The Bitcoin options market is showing a moderately bullish tilt, with calls leading both outstanding exposure and trading activity. According to data compiled by Coinglass at 12:40 a.m. ET on Aug. 3, total Bitcoin options 'open interest' (OI) stood at $24.651 billion, up 1.11% from $24.380 billion a day earlier. Calls accounted for 62.11% of overall OI, while puts made up 37.89%. In the past 24 hours of trading volume, calls represented 53.42% and puts 46.58%.
The split points to a market where medium-term exposure remains skewed toward upside, while short-term trading shows a more balanced stance. The relatively high put share in volume can indicate ongoing demand for 'downside hedging' or 'volatility protection,' even when the broader positioning remains constructive. Deribit concentrates much of the market's longer-dated risk, and the largest OI contracts highlighted that skew.
The most crowded positions by OI were the $80,000 call expiring Dec. 25 on Deribit, followed by the $70,000 call expiring Aug. 7 on Deribit, and the $60,000 put expiring Dec. 25 on Deribit. In shorter-dated flow, Bybit led the top contracts by 24-hour volume, with the most actively traded options including the $64,000 call expiring Aug. 3 on Bybit and the $63,500 call expiring Aug. 3 on Bybit.