82.4 billion in term contracts

The Crypto market comes out of its lethargy: the open interest on Bitcoin term contracts has just crossed the $ 82.4 billion, an unprecedented level from the speculative euphoria phases. While the course of the BTC remains stable, derivative products are experiencing a net renewal of activity. This dynamic, carried by institutional investors and a rise in the lever, could mark a turning point. Futures up, effervescence options: signals are increasing, and the market seems to be preparing for a new cycle.

The open interest on future BTC explodes: towards a return of the big actors?

The Bitcoin’s term contract market experiences a remarkable revival of intensity, while the flagship crypto has crossed the $ 124,000 mark. Indeed, the Open Interest accumulated on derivative platforms reached $ 82.44 billion, representing 699,620 BTC in the open position.

This level, which approaches historical records, intervenes in a context where the price of bitcoin evolves around $ 118,000. In this consolidation environment, this explosion of volume on derivative products attracts the attention of analysts.

Market data show a clear hierarchy between the main players in the sector, with some notable movements:

• CME Group dominates exchanges with $ 17.1 billion in Open Interest, or 20.7 % of the overall total. This position reflects a renewed interest in institutional investors, historically very present on this regulated platform;

• Binance is in second position with $ 15.07 billion, followed by Bybit to 9.66 billion;

• Gate.io is distinguished with a spectacular increase of +21 % of its open interest on the period analyzed;

• Conversely, OKX records a drop (-4.5 %), which could translate an arbitration or a strategic repositioning of certain traders.

This dynamic suggests a gradual return of large carriers to the derivative market, with a rise in the lever effect. However, this accumulation of positions, without concomitant flight of the Spot price, can raise fears of the rise in speculative pressure.

An increased volatility phase could follow in the event of trigger for forced liquidations. These signals remain to be watched closely, especially in a macroeconomic context that is still uncertain.

The Bitcoin options market displays a double strategy: short -term prudence, long -term ambition

In parallel with the boom in term contracts, the Bitcoin options market also has a revival of structured activity around long -term anticipations and a growing need for short -term coverage.

It is the Deribit platform which largely dominates this segment, concentrating the essential of the open positions. The largest position currently is a purchase option at $ 140,000 with a deadline set for December 26, 2025, representing 10,800 BTC in the open position.

Another purchase option is even higher, at $ 200,000, confirming the optimism of certain actors in terms of a marked appreciation of bitcoin at the end of the year. Purchase options currently represent 61.4 % of open interest, compared to 38.6 % for sales options, which shows a bias bias bruise in long -term anticipations.

However, a finer reading of recent data reveals a more complex market strategy. Over the last 24 hours, it was indeed the sales options that represented 53.9 % of the volume exchanged, compared to 46.1 % for those of purchase.

This trend in increasing sophistication of derivative strategies could reflect increased maturity of the crypto market, now more managed by experienced actors capable of juggling between upper bullish anticipation and short -term tactical protection. If the peak of open interest on future seems to announce the return of institutional speculation, activity on the options draws a strategic projection on the evolution of the BTC by December, as evidenced by the prediction of Arthur Hayes.

Luc Jose A.

A graduate of Sciences PO Toulouse and holder of a Blockchain consultant certification issued by Alyra, I joined the Cointribuna adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to allow everyone to better understand the blockchain and to seize the opportunities they offer. I strive every day to provide an objective analysis of the news, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this revolution in progress.

DISCLAIMER

The words and opinions expressed in this article engage only their author, and should not be considered as investment advice. Perform your own research before any investment decision.