Bitcoin CME Options Open Interest Stays Put-Heavy as Price Stalls Around $76,000
Key Takeaways: Max pain data across three major platforms paints a consistent short-term picture. On Deribit, the April 24 expiry carries the heaviest notional value, and max pain for that contract sits around $71,500-$72,000. Binance’s April 24 max pain is near $74,000 with a dominant notional bar. OKX places its April 24 max pain at approximately $72,000 as well. With bitcoin at $76,185 today, spot is trading above max pain on all three platforms, which, if the theory holds, creates gravitational pull toward the downside into next Friday’s expiry. Total bitcoin options open interest across all venues recently bottomed near $6.27 billion before recovering to current levels, according to Coinglass metrics. The broader data from early 2024 through April 2026 shows that options OI broadly tracked the BTC price on the way up and the way down. The current options market has contracted meaningfully from its peak, consistent with the futures data, but it sure hasn’t collapsed, which suggests ongoing institutional engagement rather than full retreat. The broader picture this week is one of a derivatives market recalibrating around a lower price range. Futures open interest has contracted, but it is rebounding slowly from the lows seen in March. CME options lean put-heavy. Near-term expirations dominate the stack. Max pain sits below spot. Deribit call volume still edges out puts, but the most-traded contracts by volume are downside hedges. With that said, bitcoin at $76,185 this weekend is holding a range, but the derivatives positioning around it suggests traders are not yet convinced the low is in.About Author
