According to coinglass.com stats, across global derivatives venues, total bitcoin futures open interest stands at 655,470 BTC, valued at roughly $44.45 billion. The activity is spread across major exchanges, with Binance leading at 118,020 BTC ($8 billion), followed by CME at 103,410 BTC ($7.01 billion). While Binance’s open interest slipped 1.08% over 24 hours, CME saw a steeper 5.09% decline, hinting that institutional positioning cooled slightly during the latest price consolidation.

Beyond the top two venues, liquidity remains widely distributed. Gate holds 72,210 BTC in open interest worth $4.90 billion, while Bybit carries 58,580 BTC ($3.97 billion) and OKX maintains 43,350 BTC ($2.94 billion). Bybit posted a 4.63% increase in open interest during the past 24 hours, suggesting traders there are still adding exposure while other venues trim positions.

Bitcoin futures open interest on March 7, 2026. Image source: coinglass.com

Taken together, the futures data paints a picture of a market still heavily engaged but not aggressively piling into fresh leverage. Several exchanges showed modest hourly declines in open interest, and the overall 24-hour change across all venues sits at –2.68%, indicating traders may be pausing while waiting for clearer directional signals.

Options markets, however, show a stronger bias toward upside positioning. Total options open interest reveals calls representing 57.58% of positions, equal to 305,677.96 BTC, compared with 225,181.28 BTC in puts (42.42%). In plain English: traders are leaning bullish, though not recklessly so.

Short-term options activity tells a slightly different story. Over the past 24 hours, put volume edged ahead of calls, accounting for 51.90% of trading volume versus 48.10% for calls. That imbalance suggests some traders are hedging recent price swings even while longer-dated bets still favor higher prices.

Bitcoin options open interest on March 7, 2026. Image source: coinglass.com

CME’s options positioning shows most open interest clustered in expirations one to three months out, with the largest stacks sitting in the 1–2 month and 2–3 month windows. The distribution signals that traders are focusing heavily on near-spring price action rather than distant maturities, which tends to happen when markets expect volatility in the intermediate term.

A closer look at the Deribit options board shows where traders are placing their biggest wagers. The most crowded bet is a March 27, 2026, call at $125,000, holding 10,347.9 BTC in open interest, followed by another popular call at $75,000 with 9,251.9 BTC. On the flip side, traders are also keeping insurance in place. Large protective bets include the $60,000 put with 8,884.6 BTC, while an even deeper safety net sits at the $20,000 put with 8,568.5 BTC, showing that some investors are still hedging against a dramatic drop.

These positions show a familiar pattern in the bitcoin options market: traders are protecting themselves if prices fall while still leaving room to profit if bitcoin makes a big run. Some of the notable upside bets include a $90,000 call expiring March 27, 2026, with 5,715.3 BTC in open interest, and a longer-dated $120,000 call expiring Dec. 25, 2026, holding 5,626.6 BTC. In other words, plenty of traders are still keeping ambitious price targets firmly in play.

Max pain data — the price level where the largest number of options expire worthless — adds another layer of intrigue. On Deribit, the dominant max pain level around the March 27 expiration sits near $75,000, accompanied by the largest notional options bar among upcoming maturities. That concentration suggests the market may gravitate toward that level as expiration approaches.

Other venues show slightly different gravitational pulls. Binance options max pain curves hover around the high-$70,000 range in the near term, while longer-dated projections spike dramatically toward roughly $120,000 around the September 2026 window. On OKX, max pain readings cluster around $78,000 to $79,000 across multiple expirations.

In short, derivatives traders appear to be threading the needle: cautious near-term hedging paired with persistent upside bets. Futures leverage remains large but stable, options calls outnumber puts, and expiration clusters around the mid-$70,000 range suggest where traders expect the next tug-of-war to play out.

If bitcoin’s derivatives market were a poker table, the chips are still stacked high — but plenty of players are keeping a few insurance bets in their back pocket.

• What is bitcoin’s total futures open interest right now?
  Global bitcoin futures open interest totals about 655,470 BTC, valued near $44.45 billion.
• Are bitcoin options traders bullish or bearish?
  Calls represent about 57.6% of open interest, indicating traders are leaning bullish overall.
• Where is the largest bitcoin options expiration concentration?
  Major open interest clusters are around the March 27, 2026, expiration, particularly near the $75,000 level.
• What are the current bitcoin options max pain levels?
  Max pain levels sit roughly around $75,000 on Deribit and about $78,000 on Binance and OKX.

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