CME Puts Dominate Bitcoin Options as Traders Bet Against $60K Floor

At 10 a.m. EST connected June 28, 2026, bitcoin traded astatine $60,041 per coin. The timing is not coincidental. Across Deribit, Binance, and OKX, max symptom levels converge adjacent $60,000, meaning that is the terms astatine which the largest fig of options contracts expire worthless, inflicting the maximum fiscal symptom connected options holders.

Futures Open Interest Falls Across the Board

Total bitcoin futures open interest (OI) crossed exchanges stands astatine astir $42.6 cardinal successful USD terms, good beneath the rhythm highest adjacent $95 cardinal deed successful precocious 2025. The diminution successful OI mirrors bitcoin’s terms retreat from its all-time precocious supra $126,000 past October.

Binance leads each exchanges with 138.09K BTC successful futures unfastened involvement worthy $8.30 billion, holding an 18.67% marketplace share. CME comes successful 2nd with 105.27K BTC astatine $6.33 billion, reflecting a persistent organization beingness successful regulated futures. MEXC ranks 3rd by BTC volume astatine 81.26K BTC worthy $4.89 billion.

Bitcoin futures unfastened involvement crossed each exchanges via Coinglass.

OI changes crossed the 24-hour model were broadly negative. Binance dropped 1.29%, Bybit fell 1.31%, and Bitget slid 1.50%. BingX posted the sharpest diminution astatine antagonistic 38.18% implicit 24 hours, though that fig apt reflects a presumption cleanup alternatively than wide marketplace selling. Kucoin managed to subordinate the trend, posting a 7.99% summation successful OI implicit 24 hours.

Coinglass information shows that the OI-to-24h- volume ratio crossed exchanges sits adjacent emblematic ranges, with the decentralized perps speech Hyperliquid posting the highest ratio astatine 1.9865, indicating proportionally elevated trading comparative to unfastened positions.

Options Market: Calls Lead Open Interest, Puts Lead Volume

On the options side, Coinglass metrics amusement that the divided betwixt calls and puts tells a nuanced story. Total BTC options unfastened involvement connected Deribit shows a wide telephone bias: 241,010 BTC successful calls (60.41%) versus 157,934 BTC successful puts (39.59%). That skew suggests traders positioned for upside implicit longer horizons.

Over the past 24 hours, trading volume betwixt calls and puts was astir even, with puts edging up astatine 50.87% versus 49.13% for calls. The astir actively traded contracts connected Deribit were bets that bitcoin would autumn beneath $57,000 and $57,500 by today’s close, a motion that traders were paying to support themselves heading into the adjacent expiry.

Looking further out, the biggest azygous positions successful the options marketplace are bets that bitcoin reaches $80,000 by July 31 and again by December 25. Those contracts clasp 7,001 BTC and 6,605 BTC respectively, suggesting that portion near-term sentiment is cautious, a meaningful chunk of the marketplace is inactive positioned for a important terms betterment earlier year-end.

CME Options OI Hits a Yearly Low

CME bitcoin options unfastened involvement has declined sharply since the November 2025 peak. Cryptoquant information shows full CME options OI dropped to its lowest levels of the past year, with puts consistently outpacing calls successful notional USD worth since precocious 2025. The telephone OI astatine CME is minimal compared to the enactment stack, a awesome that organization hedgers connected the regulated speech person been leaning antiaircraft arsenic terms declined from six-figure territory.

Max Pain Levels: Deribit, Binance, OKX All Point to $60K

Deribit’s max symptom enactment for the June 25, 2027, quarterly expiry sits adjacent $60,000, with notional worth connected that declaration conscionable implicit $2 billion. The September 2026 expiry carries the highest notional worth astatine $7.53 billion, with a max symptom level approaching $74,000 connected the Deribit curve, the astir consequential expiry connected the board.

Binance max symptom for today’s expiry stands astatine astir $40,000, with the July 31, 2026, declaration showing a max symptom adjacent $65,000 and astir $400 cardinal successful notional value. OKX max symptom for the near-term contracts clusters betwixt $50,000 and $60,000, with the March 2027 expiry showing the highest max symptom adjacent $75,000 and $747 cardinal successful notional value.

What This Means for Traders

With bitcoin sitting astir precisely astatine today’s max symptom terms and futures OI astatine multi-month lows, the marketplace is entering a play of reduced leverage. Positioning has thinned considerably since the peak. That tin chopped some ways: lighter OI reduces the substance for forced liquidation cascades, but it besides signals that speculative condemnation has near the marketplace for now.

The September 2026 Deribit expiry, carrying $7.53 cardinal successful notional worth and a max symptom adjacent $74,000, gives traders a wide medium-term notation constituent to watch.