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

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.
CoinDesk - Unknown

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.

Read more about


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 a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC