Traders Hedge Risks: Bitcoin Put Options Outpace Calls — 54.87% vs 45.13%

As of 10:00 AM ET on Sunday, Bitcoin is trading at $66,810, with traders taking a defensive stance in futures and options markets. Data shows declining open interest, faster growth in put options compared to calls, and “max pain” levels significantly above the current spot price.

Key takeaways:

• Total Bitcoin futures open interest dropped to $46.94 billion, led by Binance and CME with $8.09B and $7.24B respectively.
• Put option volume on Deribit exceeded call volume over 24 hours (54.87% vs 45.13%), signaling defensive positioning.
• The max pain level for April 24 expiry on Deribit is around $70,000 — about $3,000 above the current $66,810 spot price.

Bitcoin futures open interest falls to $46.94 billion

Total futures OI stands at 703,140 BTC (~$46.94B), down from peaks near $100B in late 2025.

Binance leads with 121,250 BTC (~$8.09B), or 17.23% market share. CME follows with 108,480 BTC (~$7.24B), or 15.42%.

Over the past 24 hours, OI declined across major exchanges: CME −0.49%, Binance −0.96%, OKX −0.31%, Bybit −0.20%.

Exceptions include MEXC and Hyperliquid, which posted gains of 0.63% and 8.03%. BingX recorded the largest increase (+31.77%).

Bitcoin futures data from Coinglass as of April 5, 2026.

Options market

Bitcoin options OI has declined to around $30B from a peak of ~$65B earlier in 2025. Deribit remains dominant, with call options leading total OI (56.75% vs 43.25%).

In absolute terms, this equals 243,090 BTC in calls versus 185,259 BTC in puts.

However, in 24-hour trading volume, puts dominate: 54.87% vs 45.13%, with 9,512 BTC in puts and 7,824 BTC in calls.

The most active contract is a $62,000 strike put expiring April 24, indicating traders are hedging downside risk.

Bitcoin options data from Coinglass as of April 5, 2026.

Max pain curves

The max pain curve on Deribit peaks around $77,000–78,000 for June expiries and declines to ~$75,000 for September and December 2026.

On Binance, April 24 max pain is around $71,500, while June and September approach $90,000.

On OKX, April sits near $71,000, with September near $80,000.

Across all platforms, the current price ($66,810) sits $3,000–4,000 below nearby max pain levels, creating a theoretical upward pull into expiry.

The decline in both price and open interest aligns with mid-cycle consolidation phases. The derivatives market remains cautious, and the April 24 expiry will be a key test for market direction.

See also: "Bitcoin Consolidates Under Pressure at $67,000 as Bearish Sentiment Persists"

#Bitcoin (BTC) #Trading

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