Bitcoin Options Open Interest Surpasses Futures Volume for First Time, Peaks at $74.1 Billion

Source: CryptoNewsNet Original Title: Bitcoin options open interest peaks at $74.1 billion, onchain data shows Original Link:

Market Shift: Options Outpace Futures

BTC options open interest has surged as institutions join the crypto bandwagon. For the first time in history, BTC options open interest has outperformed the futures trading volume on major exchanges, signaling a shift in investor behavior and deeper market sophistication.

According to data from the blockchain analysis platform Checkonchain, BTC options open interest peaked at $74.1 billion, while Bitcoin futures open interest trailed at $65.2 billion. The data shows that the majority of BTC options open interest is concentrated on specialized platforms such as IBIT and Deribit.

IBIT recorded $37.12 billion Bitcoin option open interest, while Deribit followed closely behind with $30.84 billion. Among centralized exchanges, certain platforms recorded significantly lower open interest levels.

Why Options Matter

The notable shift in market dynamics indicates a change in investor behavior toward structured, risk-managed strategies. Options give investors the flexibility to hedge and speculate on Bitcoin’s future prices while simultaneously controlling risk. Options are typically more beneficial to institutional investors and experienced traders because they offer greater risk control, unlike the futures market, which is much more rigid and prone to losses.

Bitcoin Hashrate Declines Amid Miner Pressure

BTC is trading at $93,189, down 2.11% over the last 24 hours. Bitcoin hashrate has also declined by 15% since October’s peak, indicating miner capitulation amid narrowing profit margins. Bitcoin’s average computing power has fallen from 1.1 zettahashes per second (ZH/s) in October to roughly 977 exahashes per second (EH/s).

Data from Glassnode 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. The inversion typically signals that miners are selling their BTC holdings to fund operations, putting bearish pressure on Bitcoin’s price.

Potential Silver Lining

According to VanEck, a global investment management firm and crypto ETF issuer, miner capitulation may signal a bottom and an imminent rally in BTC towards new highs. A previous coverage revealed that when BTC’s hashrate decline persisted, the market typically responded with larger and more frequent rallies.

Miner Adaptation and Energy Transition

Another report highlighted that Bitcoin miners were shifting to renewable energy sources as cash prices fell below breakeven levels. In April 2025, miners shifted away from coal to adopt wind and solar energy as the main drivers of the high-energy activity. A report titled “Mining the Future: Bitcoin’s Carbon Footprint and the Path to 2030” highlighted that 70% of the energy used for Bitcoin mining will be from renewable sources by 2030.

Additional selling pressure is also associated with the rise of AI technology, which has led miners to partially or fully transform into data center operators. Some firms have offloaded part of their bitcoin holdings to raise capital for capital-intensive AI and HPC investments. The sell-offs contribute to short-term price pressures.

Market Headwinds

Data from SosoValue shows that spot Bitcoin ETFs in the U.S. recorded outflows of more than $390 million on January 18, marking the first day of negative flows after a four-day streak of positive flows witnessed last week. Geopolitical tensions and tariff threats sent risk assets, such as crypto, into sharp decline, while safe havens like Gold and Silver rallied.