Bitcoin Options Open Interest Hits Record $34B Amid Bullish Sentiment

Bitcoin options open interest has surged to $34.13 billion, indicating a strong bullish bias in the market. According to data, calls make up 66% of total open interest, suggesting traders are optimistic about the price's future direction. However, despite this optimism, put option volume remains high, which could be an indication that traders are hedging against potential downside risks.

The key strike prices around $70K to $72K for the July 31 expiry are focal points, suggesting market sensitivity to price levels that could influence volatility. This mixed positioning reflects a sentiment where optimism is tempered by caution as traders prepare for possible price swings near option expirations.