Techub News reports that, according to CryptoSlate data, the open interest in Bitcoin options in mid-January increased to approximately $74.1 billion, surpassing the open interest in Bitcoin futures, which was about $65.22 billion for the first time. The report cites analysis indicating that when options open interest exceeds futures, it typically reflects a market shifting from more "directional leverage" positions to more structured risk exposure configurations, such as hedging, yield strategies, and volatility positions. Checkonchain data shows that options open interest significantly declined at the end of December 2025 and was rebuilt in early January. In contrast, the changes in futures open interest during the same period were more stable.