Deribit Sees Record Bitcoin Options Volume as Activity in $36K Calls Surge

Daily volume for bitcoin options have hit lifetime highs on crypto derivatives exchange Deribit.

AccessTimeIconOct 30, 2020 at 4:36 p.m. UTC
Updated Sep 14, 2021 at 10:25 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Daily volumes for bitcoin options have hit lifetime highs on crypto derivatives exchange Deribit due to increased activity in deep "out-of-the-money" (OTM) call options, or bullish bets.

  • The biggest cryptocurrency exchange by options volume has traded a record 47,000 bitcoin options contract in the past 24 hours with a notional value of more than $500 million. Also, the exchange registered the largest single trade of 8,000 contracts.
  • Call options expiring in January 2021 at strikes of $36,000 and $32,000 have contributed more than 40% of the total trading volume.
  • According to data source Skew, the $36,000 call option has seen 16,078 contracts change hands today, while the $32,000 call has registered a volume of 4,000 contracts.
  • "The originator(s) of these trades expects BTC to trade above the strike levels [$36,000] by the end of January 2020 and is willing to back this expectation with significant volume," Luuk Strijers, CCO of Deribit, told CoinDesk in a Telegram chat.
  • However, the idea of bitcoin rising to levels above $32,000/$36,000 by the end of January appears somewhat farfetched, given the options market is currently assigning only a 14% probability of prices challenging record highs by the end of the first quarter.
  • It could be a volatility play. Trader(s) who bought call options at $36,000 and $32,000 may be anticipating a pickup in volatility before the January expiry. Volatility has a positive impact on option prices.
Bitcoin options volume for Friday
Bitcoin options volume for Friday
  • So far Friday, the highest volume has been seen in $36,000 calls expiring in January.
  • A call option gives the investor the right, but not the obligation, to buy the underlying asset at a predetermined price on or before a specific date. Meanwhile, a put option represents a right to sell.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about