Bitcoin options data reveals: What is the crypto market "waiting for"?

While Bitcoin price fluctuates around $92.14K (up 1.42% in 24h), another story is unfolding beneath the surface – at leading derivatives exchanges. Large options positions reveal that seasoned players are preparing for a major “turning point” in price, but the direction remains uncertain.

What do data from Deribit say about market sentiment?

Recent data shows that options activity on Deribit – the world’s largest crypto options exchange – paints a very clear picture. There is a significant increase in long-term out-of-the-money (OTM) options positions, specifically contracts expiring in June 2026.

Most notably: open interest (total unsettled contracts) for put options with a strike price of $20,000 has exceeded $191 million. This figure represents only one side of the story. At the same time, there is very strong demand for call options with strike prices above $200,000 for the same timeframe.

Dual approach: “Playing volatility” or “Hedging positions”?

This phenomenon is not a purely bearish signal. Instead, it reflects a strategy called “long strangle” – a play for those who believe in high volatility without predicting a specific direction.

Here’s how these positions work:

• OTM Put Options (20K USD): Buying these acts as insurance, preparing for a significant drop in Bitcoin. However, the cost is very low because they currently have no intrinsic value.

• OTM Call Options (200K+ USD): Betting on the opposite scenario – Bitcoin parabolically rising far beyond current levels. The cost is also low, but the profit potential is unlimited if the price reaches that level.

• Combined message: The market perceives a high probability that Bitcoin will make a major turn, but the timing and direction remain unknown.

What does out-of-the-money mean? Why is this important?

Out-of-the-money options are contracts with no intrinsic value – meaning if you exercise immediately, you would incur a loss. That’s why their prices are very low compared to in-the-money options (in-the-money).

Buying OTM options a year in advance is a cost-effective way to access extreme price scenarios. Instead of risking millions of USD, traders can hold large positions with limited capital at risk. This makes them popular tools among hedge funds and institutional traders.

Why should retail investors pay attention to this?

Although most retail investors do not trade complex options strategies, monitoring professional activity on Deribit provides a “value map” of where big money is heading.

These positions are not temporary FUD or daily bets. They require substantial capital and are set for a long-term horizon (2 years). Professional traders do not put money into these bets unless they have enough confidence and analysis to support it.

This serves as a reminder to investors that: Bitcoin may not “sleep peacefully” in the coming years. Large volatility and price swings can occur, and being prepared is better than reacting late.

What does market evidence suggest next?

The options data story is very clear: professional investors are preparing for increased volatility in Bitcoin. The dual demand for both deep puts and extremely high calls indicates consensus on a major “breakout” – though the direction remains a big question.

From mid-2026 onward, Bitcoin could reach new all-time highs or test key support levels. Any scenario is possible, which explains the strong demand for both types of options.

Frequently Asked Questions

What is open interest in options?

Open interest is the total number of contracts currently outstanding and not settled. When open interest is high (like $191 million in 20K puts), it indicates many traders hold that position, implying a high commitment to that particular strategy.

Does buying OTM put options mean investors are bearish on Bitcoin?

Not necessarily. Buying OTM puts can be a bearish bet, but it can also be a hedge for a portfolio. When combined with OTM calls, it indicates expectations of high volatility, not a one-sided forecast.

Why is Deribit the standard for analysis?

Deribit is the largest crypto options exchange by volume and open interest. Its data is considered a reliable benchmark for professional trading activity in the crypto market.

Do these options activities directly impact Bitcoin’s current price?

Not directly. However, they reflect where large money expects volatility to occur, indirectly influencing market sentiment and trading decisions of other investors.