Yeliz Akmaca 
What’s Happening in the Options Market?
- As of May 2025, the Bitcoin options market has reached $42.5 billion in open interest.
Bitcoin (BTC) surpassed the $110,000 level in May 2025, reaching one of its all-time highs. According to Glassnode data, the “Accumulation Trend Score” metric rose to 1.0. This indicates that investors are in a buying trend. Both large and small wallet groups are accumulating BTC. This metric evaluates purchases within the last 15 days, excluding exchange and miner wallets.
The rise in Bitcoin’s price is also supported by stablecoin regulations in the U.S. and institutional purchases. For example, MicroStrategy’s $765 million BTC investment shows continued institutional interest. Additionally, global economic uncertainties and inflation concerns are driving investors toward Bitcoin. In May, inflows to spot Bitcoin exchange-traded funds (ETFs) accelerated. This week, there was over $2.5 billion in fund flows in markets where traders use excessive leverage. This development demonstrates institutional investors’ interest in Bitcoin while also providing balance against market volatility.
According to CoinGlass data, Bitcoin futures open interest (OI) surpassed $80 billion as of May 23. This represents about a 30% increase since early May. This increase indicates that derivative traders are taking positions with leverage, expecting BTC prices to rise further.
According to Deribit data, open interest in the Bitcoin options market reached $42.5 billion as of May 22. This is a record high for the options market. The highest open interests are in the call options expiring on June 27 with strike prices of $110,000, $120,000, and $300,000. The upward expectation is clear in the options markets as well. Demand for June call options at $200,000 and $300,000 strike prices is notable. This indicates that traders expect further BTC price increases.
May Bitcoin options expire on May 30, while June options expire on June 27. On these dates, contracts will close, increasing market volume and price volatility.
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