CME Options Tilt Toward Puts as Bitcoin Holds Near $76K
CME options skewed toward puts as bitcoin traded near $76,185 on Saturday; total futures open interest fell 4.2% to $58.44 billion.
Bitcoin futures open interest fell 4.2% to $58.44 billion as the token traded around $76,185 on Saturday. Options activity at the Chicago Mercantile Exchange leaned toward put contracts while futures open interest declined across most venues.
Total futures open interest across tracked exchanges stood at 768,160 BTC on Saturday. By dollar value, the CME held $10.01 billion in outstanding futures across 131,670 BTC. Binance held 134,200 BTC, about $10.21 billion, and reported a 2.88% decline in open interest over 24 hours. BingX recorded a 35.92% drop in futures open interest, the largest single-day fall among major venues. MEXC held 83,660 BTC ($6.36 billion) and Gate.io held 62,280 BTC ($4.74 billion); Gate.io’s open interest declined 10.49% on the day. The futures reading has declined since bitcoin topped above $125,000 in late 2025.
On the CME options book, put open interest in USD terms exceeded call open interest since bitcoin’s November 2025 high. CME’s total options open interest fell from about 70,000 contracts in late 2025 to roughly 25,000 contracts, with most remaining expiries scheduled within one to two months.
Deribit’s options market had a larger call share as of Saturday: calls made up 56.8% of total options open interest on the platform, representing 271,909 BTC versus 206,770 BTC for puts. The most widely held contract on Deribit was a May 29 $80,000 call with 6,604 BTC in open interest, followed by a December 2026 $120,000 call with 6,587 BTC. The single most actively traded contract in the past 24 hours was an April 24 put at the $70,000 strike, with 1,589 BTC changing hands.
Max pain calculations for the April 24 expiries clustered below the current spot price. Deribit and OKX placed max pain near $71,500–$72,000, while Binance’s max pain was near $74,000. With bitcoin trading near $76,185, those max pain levels lie several thousand dollars below spot ahead of the next weekly expiry.
Aggregate options open interest across venues briefly bottomed near $6.27 billion before recovering to current levels. The aggregate open-interest-to-volume ratio across exchanges was 0.8866 on Saturday. The options and futures data show lower open interest than at the late-2025 peak, with a concentration of near-term expiries and a reduction in overall leveraged positions compared with the prior high.
All figures reflect exchange-reported open interest and on-chain derivatives metrics as of Saturday morning.
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