Bitcoin has once again captured the spotlight, following a remarkable surge that catapulted its price to unprecedented levels. On May 22, 2025, traders witnessed a historic moment as the notional open interest in Bitcoin options soared to a staggering $42.5 billion on Deribit, the leading crypto options exchange. This surge in activity reflects a growing bullish sentiment among investors, fueled by Bitcoin’s recent ascent to new all-time highs of over $111,000 during Asia’s trading hours.
A New Milestone for Bitcoin Options
The crypto sphere is abuzz with excitement as Deribit, which commands nearly 80% of global crypto options activity, reported record-breaking figures. Luuk Strijers, CEO of Deribit, shared with CoinDesk that the exchange’s open interest had reached unprecedented heights. The frenzy was driven by traders eagerly snapping up call options—derivative contracts that provide the right, but not the obligation, to purchase Bitcoin at a predetermined future price. This move signals a collective belief in further price gains for Bitcoin, as highlighted in Bitcoin Traders’ Favorite Lottery Ticket for the First Half of the Year — The $300K BTC Call.
“Most traded strikes in the past 24 hours were $120K and $130K upside calls for May and June expiries,” Strijers noted. “The highest open interest now sits at the $110K, $120K, and an eye-popping $300K strike for June 27—highlighting strong bullish conviction.”
These options allow investors to hedge their bets while potentially reaping significant rewards if Bitcoin’s price continues its upward trajectory. However, they also underscore the inherent risks and volatility that come with such speculative plays.
Deribit: The Powerhouse Behind the Numbers
Deribit’s dominance in the crypto options market is well established. In addition to options, the platform offers trading in perpetuals and spot markets, contributing to its role as a major player in the digital asset ecosystem. The recent surge in options open interest is part of a broader trend, with the total open interest across crypto options and perpetual futures reaching over $45 billion—a testament to the market’s vibrant and dynamic nature.
The record-setting activity on Deribit coincides with a significant strategic move by Coinbase, a publicly traded crypto exchange. Coinbase has announced its intention to acquire Deribit for a hefty $2.9 billion. This acquisition aims to bolster Coinbase’s presence in the U.S. crypto options market, a space that’s increasingly becoming a focal point for investors seeking diversified exposure to digital assets.
What’s Next for Bitcoin and the Market?
The current bullish momentum has many speculating about Bitcoin’s next milestones. With traders eyeing higher strike prices, the question remains: How high can Bitcoin go? The recent activity suggests a strong appetite for risk among traders, but it also raises questions about sustainability in an inherently volatile market. This optimism echoes the sentiments observed when Bitcoin Surges Past $94,000 as Institutional Interest and Market Optimism Grow.
Bitcoin’s latest surge is part of a broader trend that has seen cryptocurrencies gaining mainstream acceptance and institutional interest. As more traditional financial players enter the fray, the market landscape continues to evolve—bringing both opportunities and challenges.
Yet, as with any market, uncertainties loom. The crypto world is no stranger to dramatic swings, and while current trends are promising, they come with a caveat: the potential for sudden reversals. As investors navigate this landscape, they must weigh the promise of substantial returns against the ever-present specter of volatility.
Looking Forward
As we move into the heart of 2025, the crypto market remains a hotbed of activity and innovation. The record-breaking figures on Deribit underscore a burgeoning confidence in Bitcoin’s potential, even as they highlight the speculative nature of this digital frontier. With new developments on the horizon, including the impending Coinbase-Deribit deal, the market’s next moves will be closely watched by investors and analysts alike.
The crypto world is nothing if not unpredictable, and while the current trajectory is upward, the path forward is anything but straightforward. One thing is for certain, though: Bitcoin’s journey is far from over, and the coming months promise to be as thrilling as ever.
Source
This article is based on: Bitcoin Options Open Interest Hit Record $42.5B on Deribit as Traders Eye Next Bull Target for BTC
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
