📊 BTC Options Open Interest by Strike Price – What the Data Is Telling Us
This chart gives a powerful snapshot of how traders are positioning across BTC option strikes — and the story is very clear.
🔴 Put concentration remains strong at lower strikes (30K–80K)
There is heavy put open interest clustered below current price levels. This suggests traders are still actively hedging against downside risk or expecting volatility if BTC revisits lower zones.
🟢 Calls dominate higher strikes (120K–180K+)
On the upside, call open interest increases significantly at higher strikes, showing growing optimism for a long-term upside move. These are not short-term bets — they reflect expectations of continuation if momentum accelerates.
💰 Market Value Insight
Calls Market Value: ~$2.39M
Puts Market Value: ~$20.7M
Total Options Market Value: ~$23.09M
Put/Call Ratio: 0.49
A Put/Call ratio below 1 typically signals bullish sentiment, meaning call activity is relatively stronger compared to puts — even though hedging is still present.
📈 Key Takeaway
Traders appear to be hedging short-term risk while positioning for long-term upside. This kind of structure often appears during accumulation phases or before major volatility expansions.
🔍 Watching how price reacts around high-OI strike zones could provide valuable clues for the next big move.
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