Options Open Interest

Deribit clears the large majority of crypto options; this is the notional value of all its outstanding contracts. Options OI clusters around monthly and quarterly expiries — the sawtooth as big expiries roll off is normal, not a signal.

Options flows increasingly drive spot around expiry (max-pain gravitation, dealer hedging), which is why the absolute level matters: BTC options at ~$22B notional means the tail wags the dog more than in past cycles. Snapshot-based series — history accumulates daily from July 2026.