Data from Deribit indicates that total open interest for Bitcoin options currently ranges between $39.8 billion and $40 billion. The put-to-call ratio is at 0.70, reflecting a market preference for call options over puts.
Less than 5% of Bitcoin put options have strike prices exceeding $84,000. With the asset trading near $84,500, most bearish hedging strategies are currently out of the money.
The maximum pain point for near-term expiries is centered at $83,500. Meanwhile, a significant call wall has emerged at the $95,000 level, indicating trader expectations for further price growth.
Previous put interest concentrated in the $76,000 to $80,000 range has diminished as Bitcoin consolidated between $82,000 and $85,000. This shift has left the market with limited downside protection above $84,000.
The concentration of call interest at $95,000 may trigger a gamma squeeze, where market makers purchase spot Bitcoin to maintain delta neutrality, potentially accelerating upward price movement.
