Bitcoin options open interest hits $74.1B, topping futures volume for the first time: Checkonchain

• Bitcoin options open interest has climbed to $74.1 billion, overtaking futures trading volume across major venues in a first for the market.

• Checkonchain data shows options positioning is concentrated in IBIT and Deribit, while OKX and Bybit sit at the low end of BTC open interest among centralized exchanges.

• The shift comes as BTC trades at $93,189 (-2.11% in 24 hours) and network hashrate is down 15% from October’s peak, with ETF flows and macro headlines adding to near-term volatility.

Bitcoin’s derivatives market is showing a clear change in how traders are positioning. Options open interest has now surpassed futures trading volume for the first time, a milestone that points to deeper participation and a growing preference for structured, risk-managed strategies. Onchain data from Checkonchain puts the peak in BTC options open interest at $74.1 billion.

Options open interest peaks at $74.1B as futures lag

According to Checkonchain, BTC options open interest reached $74.1 billion, while Bitcoin futures open interest trailed at $65.2 billion. The data indicates that the bulk of options open interest sits on IBIT and Deribit. At the same time, OKX and Bybit show the lowest BTC open interest among centralized exchanges, based on the same dataset.

By venue, IBIT recorded $37.12 billion in Bitcoin option open interest, and Deribit held $30.84 billion. Checkonchain also reports exchange figures of $918.085 million for Bybit and $965.066 million for Binance.

The broader takeaway is that investors are increasingly leaning on instruments designed for flexibility. Options allow traders to hedge or express directional views while controlling risk more precisely, a feature that tends to appeal to institutional participants and experienced traders. Futures, by contrast, can be less forgiving because exposure is more rigid and losses can compound quickly when moves accelerate.

Bitcoin hashrate slides 15% from October peak

Bitcoin is trading at $93,189, down 2.11% over the last 24 hours, according to CoinMarketCap. On the network side, Bitcoin hashrate has fallen 15% since October’s peak, signaling miner capitulation as profit margins tighten. Average computing power has dropped from 1.1 zettahashes per second (ZH/s) in October to roughly 977 exahashes per second (EH/s).

Glassnode data shows the Hash Ribbon metric — which tracks miner capitulation by comparing short- and long-term hashrate trends — inverted on November 29, shortly after Bitcoin bottomed near $80,000. That inversion is typically interpreted as miners selling BTC to fund operations, which can add bearish pressure to spot prices.

VanEck, a global investment management firm and crypto ETF issuer, has argued that miner capitulation can also mark a bottom and precede an upswing toward new highs. Previous coverage by Cryptopolitan noted that when BTC’s hashrate decline persisted, markets often responded with larger and more frequent rallies.

Energy mix, AI pivot, and ETF flows add to the backdrop

Separate reporting has pointed to miners shifting toward renewable energy as cash prices dipped below breakeven levels, with miners moving away from coal in April 2025 and leaning more on wind and solar to reduce costs. A report titled “Mining the Future: Bitcoin’s Carbon Footprint and the Path to 2030” projected that 70% of the energy used for Bitcoin mining will be from renewable sources by 2030.

Another source of selling pressure has been the AI-driven reshaping of the mining business model. As demand for AI and high-performance computing (HPC) rises, some miners have partially or fully repositioned as data center operators, and firms such as Riot Platforms (RIOT) have sold portions of their bitcoin holdings to fund capital-intensive AI and HPC investments. Those sales can weigh on price in the short term.

Flows have also turned less supportive. SosoValue data shows U.S. spot Bitcoin ETFs recorded outflows of more than $390 million on January 18, the first day of negative flows after a four-day streak of inflows last week. The same period saw an additional macro shock: U.S. President Donald Trump threatened the UK and several EU countries with a possible 10% tariff hike over their stance on Greenland as the U.S. prepares for a takeover. The tariff threat pushed risk assets — including crypto — lower, while safe havens such as gold and silver rallied.