Bitcoin futures open interest (OI) across all exchanges surged to $61.9 billion (759,550 BTC) on May 14 at 3:00 PM ET, as traders positioned on both sides of a market sitting at $81,500 per coin. The data from CoinGlass and other sources reveal a derivatives market that has rebuilt significant exposure since the correction earlier this year.
CME Leads by Institutional Depth, Binance Holds Largest Share
By exchange, Binance recorded 144,730 BTC in open interest ($11.79 billion notional), accounting for 19.05% of the global market. However, CME topped by a different metric: its OI/24h volume ratio stood at 2.0071—the highest on the board—indicating deep institutional positioning relative to daily trading. CME's futures OI reached 119,240 BTC ($9.72 billion), representing 15.69% of total market share. BingX posted a 24-hour OI surge of 17.81%, the largest single-day move among major platforms, while KuCoin shed 17.25% over the same period, the steepest drop.
Options Market: Bulls Lead but Hedging Looms
Global options OI showed a bullish skew: 272,501.92 BTC in calls versus 204,098.61 BTC in puts, a 57% to 43% split. The 24-hour volume was even more call-heavy at 70% vs. 30%. Deribit's Dec. 25, 2026, $120,000 call held the top OI rank at 6,980.8 BTC, while the May 29 $75,000 put ranked fourth at 6,226.2 BTC. Total bitcoin options OI reached approximately $40 billion, up from the $14.68 billion floor in mid-2024 and approaching levels seen near the $120,000 peak in late 2025.
Max pain levels across Deribit, OKX, and Binance cluster in the $78,000–$81,000 range for near-term expirations. Deribit's June 26 expiry carries a notional value of $14.52 billion, making it the heaviest options event this summer. Max pain on OKX for May 15 sits near $80,000, dipping to $75,000 for May 29 before recovering to $80,000 for June 26.
CME's Put-Heavy Book Reflects Institutional Caution
According to CryptoQuant data, CME options open interest has been dominated by puts through most of Q1 2026, a period when bitcoin traded between $65,000 and $85,000. This put-heavy positioning at CME indicates that institutional players are using regulated options to hedge downside rather than chase upside, contrasting with the bullish volume skew seen on retail-dominated platforms like Deribit and OKX. CME's OI by expiry peaked near 70,000 contracts in late 2025 before dropping sharply; the current OI sits around 10,000 contracts, concentrated in the 1–2 month window.
Analyst Warns No Confirmed Bottom
Veteran trader Peter Brandt cautioned that bitcoin has not formed a recognizable bottom, citing a potential bear channel from the February low. Despite the recovery above $80,000, the market remains indecisive. The data overall shows a market that has rebuilt significant derivatives exposure since the correction, with options traders leaning bullish on volume but hedged on OI. Max pain near $80,000 gives market makers a gravitational pull into this week's expirations, and with $14.52 billion stacked at the Deribit June expiry, the summer months carry real weight.