CME puts outweigh calls as options cluster near $60K

CME bitcoin options show more put open interest than calls and total CME options open interest sits at its lowest level in the past year. At 10 a.m. EST on June 28, 2026, bitcoin traded at $60,041 and options max-pain levels concentrated near $60,000.

Total bitcoin futures open interest across exchanges was about $42.6 billion in USD terms, down from a cycle peak near $95 billion in late 2025. Binance held the largest futures exposure with 138,090 BTC in open interest, roughly $8.3 billion. CME held 105,270 BTC in futures open interest, about $6.33 billion. MEXC reported 81,260 BTC in futures OI, near $4.89 billion. Over the prior 24 hours, Binance, Bybit and Bitget posted small declines in open interest, BingX showed a large drop consistent with a position cleanup, and KuCoin recorded an increase.

Options positioning varied by venue. Deribit showed more call open interest overall with 241,010 BTC in calls versus 157,934 BTC in puts. Over the past 24 hours, options trading volume slightly favored puts at 50.87% of activity versus 49.13% for calls. The most actively traded Deribit contracts were protections priced for bitcoin to fall below $57,000 and $57,500 by the close. Large directional contracts included bets on bitcoin reaching $80,000 by July 31 (about 7,001 BTC) and December 25 (about 6,605 BTC).

Deribit’s max-pain calculations placed the June 25, 2027 quarterly expiry near $60,000 with just over $2 billion in notional value. The September 2026 Deribit expiry carried the largest notional value on the platform at $7.53 billion and had a max-pain level near $74,000. Binance’s near-term max-pain for that day was around $40,000, while its July 31, 2026 contract showed max pain near $65,000 with roughly $400 million in notional value. OKX’s near-term max-pain levels clustered between $50,000 and $60,000, and its March 2027 expiry showed a max pain near $75,000 with about $747 million in notional value.

Data for CME options shows puts have exceeded calls in USD notional value since late 2025. Total CME options open interest has fallen sharply since its November 2025 peak and reached the lowest levels seen in the past year.

Market structure measures recorded lower aggregate leverage. Lower total open interest reduces the number of outstanding positions that can trigger forced liquidations. The ratio of open interest to 24-hour volume varied by venue, with the decentralized perpetuals exchange Hyperliquid reporting a ratio near 1.99.

Near-term expiries concentrated around $60,000 and the large notional value tied to the September 2026 Deribit expiry create specific price reference points for market participants. Traders and institutional desks are monitoring shifts in open interest and the calendar of expiries ahead of upcoming settlements.