Bitcoin Options Open Interest Hits $26 Billion as Call Skew Signals Medium-Term Bullish Bias

Bitcoin's options positioning continues to signal a bullish bias over the medium term. According to data from CoinGlass, total open interest (OI) in Bitcoin options has risen to $26.09 billion, up 2.42% from $25.48 billion a day earlier.

The composition of open interest remains decisively tilted toward calls, with call options accounting for 62.20% versus 37.80% for puts. This skew is typically interpreted as a sign of stronger 'upside positioning' in accumulated bets.

However, the 24-hour volume split was far more balanced: calls represented 51.41% while puts made up 48.59%. The narrow gap suggests that while many traders continue to hold bullish positions, a substantial cohort is actively buying puts, often used for hedging spot or perpetual-futures exposure.

The largest concentrations of open interest were clustered around several key strikes on Deribit, led by the $80,000 call expiring Dec. 25, followed by the $70,000 call expiring Aug. 7, and the $60,000 put expiring Dec. 25. These strike levels can act as focal points for positioning and potential 'gamma' effects near expiration.