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Futures and options traders bet on Bitcoin rising to $80,000
According to CoinGlass, total open interest in Bitcoin futures across exchanges stands at 639,780 BTC, or $43.81 billion. Over the past 24 hours, aggregate open interest decreased by 2.32%, while it rose 0.16% over the last hour.
The Chicago Mercantile Exchange (CME) leads with 118,450 BTC in open interest, valued at $8.11 billion, representing 18.5% of the market. It is followed by Binance with 110,770 BTC ($7.58 billion, 17.3%). OKX holds 45,340 BTC worth $3.10 billion. BingX stood out with a 20.56% increase in open interest over 24 hours, sharply contrasting with the broader correction.
According to CoinGlass, the reopening of Bitcoin futures trading is scheduled for Sunday, February 15, 2026.
At the end of 2025, futures open interest climbed to nearly $90 billion before declining alongside price. Even after the recent correction, positions remain elevated compared to earlier cycle phases, indicating that traders continue to actively engage in directional trades and hedging.
In the options market, the balance favors bulls. Total open interest in Bitcoin options consists of 56.21% call options (276,172 BTC) versus 43.79% put options (215,135 BTC). Over the past 24 hours, trading volume shifted even further toward calls — 60.07% (14,603 BTC) compared to 9,707 BTC in puts.
Deribit dominates the options market, and the largest positions are telling. The biggest contract is a put option expiring February 27, 2026, with a $40,000 strike price covering 7,409 BTC. This contract becomes profitable if Bitcoin falls below $40,000 — more than $28,000 below the current price of $68,429.
CoinGlass also notes that Bitcoin options trading is scheduled to reopen on Sunday, February 15, 2026.
At the same time, traders are placing aggressive upside bets. The second-largest position is a call option expiring December 25, 2026, with a $120,000 strike price covering 5,930 BTC. This bet delivers substantial gains only if Bitcoin rises more than $50,000 from its current level. It is followed by a call option expiring March 27, 2026, with a $90,000 strike price covering 5,665 BTC.
Taken together, these positions demonstrate a layered strategy: hedging downside risk to $40,000 while maintaining upside exposure to $90,000 or even $120,000. On Binance, short-term expirations cluster in the $70,000–$80,000 range, slightly above the current market price.
On OKX, a similar magnet level appears around $70,000 for February contracts, rising to $82,000 for March and around $85,000 for later dates. Deribit’s curve extends upward with a March level near $85,000 and a September peak around $90,000, before easing back toward $85,000 by December 2026.
In practice, most option sellers would benefit if Bitcoin climbs slightly above the current $68,729 range but remains below the upper strike clusters.
Current derivatives data reflects both caution and ambition at different stages of the market. Futures open interest remains substantial despite short-term declines, call options outpace puts, and major strike concentrations sit both significantly below and well above the spot level.
See also: "Coinbase — is it over? AI sees a bleak future for the major crypto exchange"
