Key Takeaways
Bitcoin futures open curiosity (OI) hit $61.9B throughout all exchanges on Could 14, with Binance holding 19.05% market share.CME’s put-heavy choices e book indicators institutional hedging, as calls lead 57% to 43% on Deribit and OKX quantity.Deribit’s June 26 expiry carries $14.52B in notional worth, making it the heaviest choices occasion this summer season.
CME Tops the Futures Leaderboard at $9.72B — Right here’s What Institutional Cash Is Doing
Complete futures open curiosity stood at 759,550 BTC, with Binance holding the biggest share at 144,730 BTC and $11.79 billion notional, good for 19.05% of the worldwide market. CME ranked first by a special measure; its OI/24h quantity ratio hit 2.0071, the very best on the board, pointing to deep institutional positioning relative to each day buying and selling exercise. CME futures open curiosity got here in at 119,240 BTC, price $9.72 billion and 15.69% of complete market share.
The broader futures image confirmed a 24-hour open curiosity achieve of 1.61% throughout all exchanges, with a four-hour transfer of +3.72%. BingX stood out with a 24-hour open curiosity bounce of 17.81%, the most important one-day transfer on the leaderboard. Kucoin moved in the wrong way, shedding 17.25% of open curiosity over the identical interval, which was the sharpest single-day drop amongst main platforms.
57% Calls, 42% Places: Bitcoin Choices Merchants Are Nonetheless Leaning Bullish
On the choices aspect, the call-to-put skew favored bulls. World choices open curiosity, in response to coinglass.com stats, confirmed 272,501.92 BTC in calls in opposition to 204,098.61 BTC in places, a 57.18% to 42.82% cut up. The 24-hour quantity breakdown leaned more durable towards calls; 70% versus 30%, or 58,825.09 BTC in calls and 25,211.63 BTC in places. Deribit’s Dec. 25, 2026, $120,000 name held the highest open curiosity rank at 6,980.8 BTC, whereas the Could 29 $75,000 put ranked fourth at 6,226.2 BTC.
Complete bitcoin choices open curiosity reached roughly $40 billion, up from the $14.68 billion flooring seen in mid-2024. Stats have intently adopted spot value, basically peaking close to $120,000 earlier than pulling again alongside the correction that carried bitcoin towards $65,000 and decrease earlier this 12 months. The restoration again above $80,000 has introduced choices OI again towards the $40 billion vary.
Max ache ranges throughout Deribit, OKX, and Binance all cluster within the $78,000–$81,000 vary for near-term expirations. OKX max ache information exhibits ranges close to $80,000 for Could 15, dipping towards $75,000 for Could 29 earlier than recovering for the June 26 date. Notional worth stacked on the Could 29 OKX expiry has reached $1.24 billion, the heaviest stat on the unfold.
Deribit’s max ache curve follows the same arc. Could 15 sits close to $80,500, the curve dips to $75,000 round Could 29, then climbs again to roughly $80,000 for June 26. The notional quantity at that Deribit June 26 expiry topped $14.52 billion, dwarfing each different expiration date on the board. Binance exhibits a special form, with max ache peaking close to $85,000 for the June 5 contracts earlier than fading towards $78,000 as expirations stretch additional out.
CME choices information from Cryptoquant confirmed a transparent structural shift over the previous 12 months. Choices open curiosity stacked by expiration peaked close to 70,000 contracts in late 2025 earlier than dropping sharply as bitcoin corrected. The 2026 restoration has been quieter; the present CME OI sits round 10,000 contracts in near-term buckets, with the 1–2 month expiry window making up the majority of positioning.
The CME put-versus-call breakdown confirmed places dominating name open curiosity by means of most of Q1 2026, a interval that aligned with bitcoin buying and selling between $65,000 and $85,000. That put-heavy e book at CME displays institutional gamers utilizing regulated choices to hedge draw back relatively than chase upside, a special posture than what retail-heavy platforms like Deribit and OKX present on quantity.
The exchange-level futures open curiosity chart, monitoring all platforms mixed, confirmed complete OI close to $62 billion after bottoming under $30 billion in early 2026. The cycle peak got here in late 2025, close to $90 billion, when bitcoin traded near $120,000.
The info taken collectively exhibits a market that has rebuilt significant derivatives publicity because the correction, with choices merchants leaning bullish on quantity however hedged on open curiosity. Max ache close to $80,000 offers market makers a transparent gravitational pull heading into this week’s expirations, and with $14.52 billion stacked on the Deribit June expiry, the summer season months carry actual weight.