Futures and Options Data Show Bitcoin Traders Still Eye $80K and Beyond

Bitcoin traded at $68,729 at 4:30 p.m. EST on Sunday, Feb. 15, 2026, and the derivatives market is anything but sleepy. With $43.81 billion in futures open interest (OI) and call-heavy options positioning, traders appear to be bracing for movement — just not all in the same direction.

Bitcoin Futures OI Dips 2.3% as Options Traders Lean Into Calls

According to coinglass.com metrics, total bitcoin futures open interest across exchanges stands at 639,780 $BTC, or $43.81 billion. Over the past 24 hours, aggregate OI slipped 2.32%, even as the one-hour change rose 0.16%, signaling short-term repositioning rather than a broad exodus from leveraged bets.

The Chicago Mercantile Exchange (CME) leads the pack with 118,450 $BTC in open interest, valued at $8.11 billion, giving it an 18.5% market share. Binance follows with 110,770 $BTC, or $7.58 billion, accounting for 17.3%. OKX holds 45,340 $BTC worth $3.10 billion. Elsewhere, BingX stood out with a 20.56% increase in OI over 24 hours, a sharp contrast to the wider pullback.

Bitcoin futures open interest on Sunday, Feb. 15, 2026, according to coinglass.com stats.

Zooming out, futures open interest surged to nearly $90 billion in late 2025 before cooling alongside price. Even after the recent retracement, positioning remains elevated compared to earlier phases of the cycle, showing that traders are still deeply engaged in directional trades and hedges.

Bitcoin Options Skew Bullish With 60% Call Volume Advantage

In options markets, the tilt favors the bulls — at least on paper. Total bitcoin options open interest shows 56.21% in calls versus 43.79% in puts, translating to 276,172 $BTC in calls against 215,135 $BTC in puts. Over the past 24 hours, volume skews even more heavily toward calls at 60.07%, or 14,603 $BTC, compared to 9,707 $BTC in puts.

Deribit dominates the options board, and the biggest positions tell a story in plain English. The single largest contract is a put option expiring Feb. 27, 2026, with a $40,000 strike price, covering 7,409 $BTC. That contract pays off if bitcoin falls below $40,000 — more than $28,000 beneath today’s $68,429 price — effectively serving as crash insurance.

Bitcoin options open interest on Sunday, Feb. 15, 2026, according to coinglass.com stats.

On the opposite end, traders are stacking aggressive upside bets. The second-largest position is a Dec. 25, 2026, call at a $120,000 strike, totaling 5,930 $BTC. That wager only gains real value if bitcoin climbs more than $50,000 from current levels. Close behind is a March 27, 2026, call at $90,000, representing 5,665 $BTC — a bet that bitcoin could rally roughly $21,500 from here.

Together, these positions reveal a layered strategy: hedge the fall to $40,000 while keeping exposure to a run toward $90,000 or even $120,000. Max pain levels — the price at which the largest number of options expire worthless — add another dimension. On Binance, near-term expirations cluster in the $70,000 to $80,000 range, slightly above spot.

OKX shows a similar gravity point near $70,000 for February contracts, rising toward $82,000 for March and around $85,000 for later dates. Deribit’s curve stretches higher, with March near $85,000 and September peaking close to $90,000 before easing toward roughly $85,000 into December 2026.

In practical terms, many options writers would benefit most if bitcoin drifts modestly higher from the current $68,729 range, but remains below the upper strike clusters. That does not guarantee price direction, but it highlights where incentives are stacked.

Currently, the derivatives data reflects a market that is still cautious yet ambitious at certain junctions. Futures open interest remains substantial despite a short-term dip, calls outpace puts, and major strike concentrations sit both far below and well above spot. Bitcoin may be trading just under $70,000, but the derivatives crowd is clearly mapping out scenarios that stretch from $40,000 all the way to $120,000.

FAQ ❓

• What is bitcoin futures open interest right now?Total bitcoin futures open interest stands at 639,780 $BTC, valued at $43.81 billion.
• Are calls or puts dominating bitcoin options markets?Calls lead with 56.21% of total open interest and 60.07% of 24-hour volume.
• What are the largest bitcoin options positions on Deribit?The biggest contracts are a $40,000 put for Feb. 27, 2026, a $120,000 call for Dec. 25, 2026, and a $90,000 call for March 27, 2026.
• Where are current max pain levels for bitcoin options?Max pain levels cluster between roughly $70,000 and $90,000 across Binance, OKX, and Deribit.