Bitcoin (BTC) Options

Bitcoin (BTC) is trading at $79,528 with $35B of options open interest across Deribit and Derive: $22B in calls and $12B in puts, a put/call ratio of 0.55, call-heavy, which usually reads as a market positioned for upside. The largest expiry is 25SEP26 with $15B open and a max pain of $72,000. Front-month at-the-money implied volatility is 31.4%, and the term structure is upward-sloping, so the market charges more for longer-dated protection. Data refreshes every five minutes from public venue APIs.

Price

$79,528

Total OI

$35B

Put/Call (OI)

0.55

ATM IV (front)

31.4%

Open interest, max pain and ATM IV by expiry

Max pain is the expiry price that minimizes total payout to option holders, weighted by open interest. Click an expiry for the full chain.

Expiry	Days	Calls OI	Puts OI	Put/Call	Max pain	ATM IV	Strikes	Venues
8SEP26	1	$87M	$61M	0.70	$80,000	28.5%	30	DeribitDerive
9SEP26	2	$53M	$29M	0.54	$80,000	31.4%	30	DeribitDerive
10SEP26	3	$37M	$8M	0.23	$80,000	32.6%	29	DeribitDerive
11SEP26	4	$1B	$814M	0.75	$78,000	34.1%	45	DeribitDerive
18SEP26	11	$498M	$286M	0.57	$79,000	37.0%	36	DeribitDerive
25SEP26	18	$10B	$5B	0.52	$72,000	36.1%	84	DeribitDerive
30OCT26	53	$2B	$1B	0.58	$71,000	37.0%	67	DeribitDerive
27NOV26	81	$257M	$105M	0.41	$78,000	38.4%	52	DeribitDerive
25DEC26	109	$6B	$3B	0.56	$72,000	39.2%	64	DeribitDerive
26MAR27	200	$2B	$931M	0.57	$70,000	40.2%	58	DeribitDerive
25JUN27	291	$515M	$268M	0.52	$60,000	41.6%	52	DeribitDerive

Largest strikes by open interest

Across all expiries. Big call strikes above spot are where dealers are short gamma into a rally.

Strike	Calls OI	Puts OI	vs spot
40000	$36M	$856M	-49.7%
60000	$267M	$1B	-24.6%
70000	$1B	$1B	-12.0%
72000	$433M	$440M	-9.5%
75000	$616M	$697M	-5.7%
78000	$690M	$466M	-1.9%
80000	$2B	$403M	0.6%
82000	$1B	$75M	3.1%
85000	$1B	$97M	6.9%
90000	$1B	$101M	13.2%
95000	$867M	$23M	19.5%
100000	$1B	$53M	25.7%

Recent block trades

Prints over $50k on Derive and Deribit, last 24h, priced against Deribit's mark. Full tape.

Venue	Contract	Side	Size	Price	vs mark
Deribit	30OCT26 110000 C	sell	1	$206.45	$-11.23
Deribit	30OCT26 80000 C	buy	1	$4407.98	$-10.16
Deribit	11SEP26 72000 P	sell	2.7	$31.77	$-2.41
Deribit	11SEP26 72000 P	sell	6.3	$31.77	$-2.41
Deribit	11SEP26 72000 P	sell	1	$31.77	$-2.41
Deribit	25SEP26 92000 C	sell	25	$214.42	+$6.01
Deribit	25SEP26 90000 C	sell	5	$309.75	+$8.29
Deribit	25SEP26 90000 C	sell	20	$309.75	+$8.29
Deribit	18SEP26 86000 C	sell	1.1	$365.31	+$5.89
Deribit	18SEP26 86000 C	sell	2.7	$365.31	+$5.89
Deribit	18SEP26 86000 C	buy	2.2	$365.31	+$5.89
Deribit	18SEP26 86000 C	buy	3.6	$365.31	+$5.89
Deribit	18SEP26 77000 P	sell	1	$992.50	+$2.72
Deribit	18SEP26 77000 P	sell	1	$992.50	+$2.72
Deribit	18SEP26 83000 C	sell	2.5	$754.23	$-60.91