Bitcoin Options Point to Near-Term Caution Amid Bullish Medium-Term Bias
The medium-term bias for Bitcoin remains bullish despite a shift in near-term sentiment. According to CoinGlass data, total Bitcoin options open interest (OI) dropped to $24.61 billion from $35.28 billion, a decline of around 30% over the past day.
However, the OI mix still leans towards calls, with call options representing 62.04% of outstanding contracts compared to 37.96% for puts. This suggests traders continue to hold or build medium-term exposure to higher Bitcoin prices.
On the other hand, the 24-hour volume split flipped more defensive, with put-dominant trading indicating fresh demand for downside hedges. Heavy call weighting in OI implies optimism has not disappeared but participants appear less comfortable running unhedged exposure into the near term.
The largest OI was clustered in the $80,000 call expiring Dec. 25, followed by the $70,000 call expiring Aug. 7, and the $60,000 put expiring Dec. 25. By 24-hour trading volume, the most active contract was the $70,000 call expiring Sept. 25, followed by the $60,000 put and $62,000 put, both expiring Aug. 7.